Which of the following is an insurance cover undertaken by the Government for its employees?
Answer Details
The insurance cover undertaken by the Government for its employees is called Pensions Scheme. Pensions scheme is a type of retirement benefit plan that provides a steady source of income for retired employees. In this scheme, employees make contributions during their working years, and these contributions are invested by the government on their behalf. Upon retirement, the employee receives regular payments from the government, based on the amount contributed and other factors such as the length of service. This ensures that government employees are able to maintain a reasonable standard of living in their retirement years.