Glossary

Welfare funds are non-contributory pension schemes whose assets are accrued exclusively through contributions by the employer or from investment income and not from contributions by the beneficiaries. Benefits are typically voluntary and are granted in certain cases of hardship at the discretion of the Board of Trustees. There are no regulations defining any entitlements. The charter of association of a welfare fund often also includes a financing purpose that provides for contributory payments to other pension schemes of the founding company.

Survivor's benefit in favor of the surviving spouse (under certain conditions as stipulated in the regulations, such as a minimum duration of marriage)