superannuation

Meanings

• noun

  A retirement pension scheme, funded by contributions from an employer and/or employee, which provides income to a person upon retirement.

  - "He is eligible for superannuation benefits after 30 years of service."
  - "The company announced record profits and increased its superannuation contributions for employees."

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Pronunciation

1. /ˈs(j)ʉːpəˌɹænjʉːˈæɪʃn̩/
   
   
   
   Source: "https://commons.wikimedia.org/w/index.php?curid=75701599"

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Synonyms

retirement , pension , super

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Variants

List of all variants of superannuation that leads to same result
superannuate , superannuated , superannuates , superannuating , superannuation , superannuations

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Etymology

origin and the way in which meanings have changed throughout history.

Originally referred to the act of setting aside funds for the annuity of an employee upon retirement. Derived from the Latin word 'superannuare', meaning to make old or render superfluous.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Superannuation was first introduced in Australia in 1853 as a way to provide for the retirement of public servants.

2. Superannuation is mandatory in Australia, with both employers and employees required to make contributions.

3. The age at which one can access their superannuation in Australia is gradually increasing, with the current age being 66 and set to rise to 67 in 2022.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Retirement: Superannuation is a type of retirement scheme that provides income upon retirement.

2. Pension: Superannuation is a type of pension scheme that is funded by contributions from both the employer and employee.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Superannuation is a significant aspect of retirement planning in many countries, particularly in Australia, New Zealand, and the United Kingdom. It has been the subject of numerous literary works, including poems, novels, and academic papers.

How to Memorize "superannuation"

1. visualize
   

   - Imagine a pot of gold that grows larger with each paycheck contribution, providing a comfortable retirement income.

2. associate
   

   - Associate the term with the idea of saving for retirement and a secure financial future.

3. mnemonics
   

   - Use the acronym 'Save Up Retirement' to remember the meaning of superannuation.

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