sir this is perhaps a very small and a simple doubt, but i just wanted some clearly on it.
Wanted to ask what does the word SETTLEMENT exactly mean in the context of employee benefits? does it mean: 1- paying it out through cash/another financial asset, OR 2-coming to terms with employees about agreed payment
It means both – there is a discussion with employees (well, they are told to take it or leave it) and then the pension fund pays them off (usually by transferring cash to another pension scheme which is unrelated to the company)