Pensions are now widespread, with various types offered. Currently, even private employment offers the benefit of pensions. Indeed, the government operates various pension programs designed to ensure that everyone achieves financial independence, particularly during their senior years. Who was the initial individual globally to receive pension benefits and what was the sum?
To start with, can we clarify what a pension is? A pension is a system where an individual receives a set amount of money regularly, typically after finishing their employment or period of service. Pension primarily serves to offer financial support to government workers, military personnel, or employees in the private sector following retirement. In straightforward terms, the aim of a pension is to guarantee that an individual can sustain themselves after retiring or aging, meaning to have assistance in later years.
Land or money upon completing their duty
Historically, pension systems are referenced during the time of the Roman Empire. The Roman emperor Augustus (27 BC – 14 AD) initiated a retirement plan for soldiers. During that period, soldiers who had long service in the Roman army received land or money upon completing their duty, allowing them to live the remainder of their lives honorably. This was referred to as an annuity, an early version of the modern pension.
Who got pension first ever
When pensions were first referenced in the Roman Empire, it is only fitting that Roman soldiers were the initial recipients of its advantages. Augustus initiated this system to secure the loyalty of soldiers and provide them with financial stability upon retirement. A soldier typically served for 20 to 25 years. In return, he would receive money or land as a form of pension.