had a job interview the other day where they mentioned that i would get a pension that was vested in 10 years if i was selected for the job
wtf does a pension being vested mean? and whats the different between a pension and something like a 401k that makes people like pensions more?
In: Economics
a pension being vested in 10 years means you gotta stick around for a decade to get that sweet money when you retire. unlike a 401k where you can take your money with you, pensions kinda tie you down but promise a guaranteed retirement pay if you stay long enough. it’s like an exclusive club that rewards loyalty so if you like the company that’s a good deal
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