superannuate: [verb] to make, declare, or prove obsolete or out-of-date.

by Rajesh The term retirement is used when an employee leaves a job permanently and the term superannuation is used when the employee retires to a job with pension benefits. Superannuation benefits can also be called retirement benefits. Employees can retire at any time under voluntary retirement (or) after reaching a certain age (58-60 yrs).

A superannuation is an Australian pension program created by a company to benefit its employees. Funds deposited in a superannuation account will grow through appreciation and contributions.

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