Answer:
the guarantee that employees in a pension plan will receive a pension at retirement age, regardless of whether they stay with the employer.
Explanation:
An employee can be defined as an individual who is employed by an employer of labor to perform specific tasks, duties or functions in an organization.
Basically, an employee is saddled with the responsibility of providing specific services to the organization or company where he is currently employed while being paid a certain amount of money hourly, daily, weekly, or monthly depending on the contractual agreement between the two parties (employer and employee).
Thus, while an employer may be the owner of a business firm or company, an employee is a subordinate employed to provide unwavering services to the employer while also, being professional and diligent at all times.
Vested rights can be defined as an unconditional right belonging to an individual as a property interest and as such cannot be denied, impaired or taken away from him or her. Thus, these rights are generally enforceable claims under the law.
Hence, vesting rights is the guarantee that employees in a pension plan will receive a pension at retirement age, regardless of whether they stay with the employer.
