Retirement idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many poorer countries, support for the old is still mainly provided through the family. Today, retirement with a pension is considered a right of the worker in many societies,
Old Age Allowance Old Age Allowance Old Age Allowance, colloquially known as fruit money, is a Hong Kong government programme introduced in 1973 which provides monthly payments of $1,290 to elderly Hong Kong residents. There is no means test for the Higher Old Age Allowance given to recipients of age 70 or above. The Normal Old Age Allowance for elderly residents between the ages of 65 and 69 was only offered to people who fell below certain income and asset thresholds, but since 2013 such people are now covered by the similar but separate Old Age Living Allowance scheme instead. OAA recipients were