Who
are the Millennial, according to Millennial Legacy, “Millennial are the generation born between
1982 and sometime in the early 2000’s. However, these boundaries aren’t set in
stone. Some definitions have the Millennial Generation starting as early as
1978 and starting as late as 1985. Basically, if you born a little earlier than
1982 and you consider yourself to be more Millennial than Generation X, that is
your opinion. Or if you were born in or just after 1982 and you feel that you
are more Gen X than a Millennial, the same applies. It is really up to the
individuals born during the cusp years (late 1970’s to early-mid 1980’s) to
decide which generation they feel a stronger connection to”
Continuing
it stated that “The digital generation is providing some hope for the
retirement crisis. After watching their parents suffer through two major
financial bubbles and the weakest economic recovery on record, the majority of millennial
are placing money aside for retirement — as long as they have a job.”
What is bond, in our own context; bond is the monetary value
arrived at by actuarial evaluators due to a public servant prior to the Pension Reform
Act 2004.
These values are calculated and paid to public sector workers as
their pension entitlement prior to the commencement of the Act. This with the
attribute income and the employees and employers contributions from 2004 to the
time of retirement with its attribute income becomes the total pension pot
available to the employee.
But the discussion centered on what would be the fate of employee
who gains employment in July 2004; will he be entitled to a bond? He or she
will not be entitled to bond. As it is believed that government by complying with
the relevant sections of the Pension Reform Act 2004 and the amended Pension
Reform Act 2014 will have done their own beat as the provision for bond prior
to 2004 was because there was no clear cut contribution by the government
during those periods prior to 2004. Government was at that time running a
defined benefit scheme.
Culled from reginaldodunze.blogspot.com
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