An Employee of XYZ Will Receive Retirement Benefits of $1,000

question 69

True/False

An employee of XYZ will receive retirement benefits of $1,000 per month if the employment period is 15 years.However, if the employment period is 20 years, the retirement benefits will be $1,300 per month.This is an example of a defined contribution pension plan.

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Definitions:

Cognitive Dissonance

The psychological discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.

Social Comparison

The process by which individuals evaluate their own abilities, achievements, and emotional states in relation to others.

Opponent Processes

A theory suggesting that emotions are regulated by mechanisms that operate in opposition to each other, helping to explain emotional contrasts.

Social Exchange

A theory in social science that suggests human relationships are formed by the use of a subjective cost-benefit analysis and the comparison of alternatives.