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 Pensions Act 1908 Old-Age Pensions Act 1908 The Old-Age Pensions Act 1908 is an Act of Parliament of the United Kingdom, passed in 1908. The Act is often regarded as one of the foundations of modern social welfare in the United Kingdom and forms part of the wider social welfare reforms of the Liberal Government of 1906–1914. Individuals over the age of 70 years got a total of 5 Shillings per week and couples over the age of 70 years got a total of 7 Shillings 5 Pence per week. The Act provided for a non-contributory old age pension for people over the