Common TOEIC Vocabulary on the Topic of Promotions, Pensions, and Awards

No.

TOEIC Vocabulary (Career Promotion)

Meaning

Example

1

Advancement /ədˈvɑːnsmənt/

Progress in one's career

Her dedication led to rapid advancement within the company.

2

Promotion /prəˈməʊʃn/

Elevation to a higher position or rank

After three years, she received a promotion to senior manager.

3

Career path /kəˈrɪə pɑːθ/

A progression of jobs that leads to career goals

The company offers a clear career path for all employees.

4

Performance review /pəˈfɔːməns rɪˈvjuː/

Evaluation of an employee's work

His excellent performance review made him eligible for promotion.

5

Recognition /ˌrekəɡˈnɪʃn/

Acknowledgment of achievement or service

The company has a formal recognition program for outstanding employees.

6

Ladder /ˈlædə/

Hierarchy of positions in an organization

She quickly climbed the corporate ladder to reach an executive position.

7

Credentials /krɪˈdenʃlz/

Qualifications, achievements, or aspects that recommend someone

His impressive credentials made him the top candidate for the position.

8

Seniority /ˌsiːniˈɒrəti/

Status gained by length of service

Promotions are based on both merit and seniority at this firm.

9

Fast-track /fɑːst træk/

Accelerated promotion or development

High-potential employees are placed on a fast-track program.

10

Appraisal /əˈpreɪzl/

Assessment of performance or value

Annual appraisals determine who is eligible for advancement.

11

Succession planning /səkˈseʃn ˈplænɪŋ/

Process of identifying and developing future leaders

The company's succession planning ensures continuity in key positions.

12

Milestone /ˈmaɪlstəʊn/

A significant stage or event in development

Reaching this sales milestone qualified him for the next promotion level.

13

Lateral move /ˈlætərəl muːv/

Job change at the same level but in a different area

She made a lateral move to gain broader experience before seeking promotion.

14

Upward mobility /ˈʌpwəd məʊˈbɪləti/

Movement from lower to higher position

This company is known for offering excellent upward mobility to its employees.

15

Tenure /ˈtenjə/

Period during which something is held

His ten-year tenure with the company made him eligible for senior positions.

16

Merit-based /ˈmerɪt beɪst/

Based on qualities deserving recognition

Our promotion system is strictly merit-based, not influenced by personal connections.

17

Accomplishment /əˈkʌmplɪʃmənt/

Something done successfully

Her key accomplishments were highlighted during the promotion review.

18

Career development /kəˈrɪə dɪˈveləpmənt/

Process of managing learning and progression

The company offers excellent career development opportunities.

19

Executive /ɪɡˈzekjʊtɪv/

Person with senior managerial responsibility

He was promoted to executive level after demonstrating exceptional leadership.

20

Stepping stone /ˈstepɪŋ stəʊn/

A means of progress toward a goal

This position serves as a stepping stone to more senior roles in the organization.

No.

TOEIC Vocabulary (Pensions)

Meaning

Example

1

Pension /ˈpenʃn/

Regular payment made during retirement

After 30 years of service, he receives a substantial pension.

2

Retirement /rɪˈtaɪəmənt/

Withdrawal from one's position or occupation

She's planning for retirement within the next five years.

3

Benefit /ˈbenɪfɪt/

Payment or entitlement provided by an employer

The company offers comprehensive benefits including health insurance.

4

Contribution /ˌkɒntrɪˈbjuːʃn/

Amount paid into a pension or insurance plan

Both employees and employers make monthly contributions to the pension fund.

5

Vesting /ˈvestɪŋ/

Process by which employees earn employer contributions

After five years of service, employees are fully vested in the company pension plan.

6

401(k) /fɔː əʊ wʌn keɪ/

A retirement savings plan (US)

The company matches employee contributions to their 401(k) plans.

7

Annuity /əˈnjuːəti/

Fixed sum of money paid regularly

He purchased an annuity to ensure a steady income during retirement.

8

Pension fund /ˈpenʃn fʌnd/

Pool of assets that provide retirement income

The company's pension fund is managed by professional investment advisors.

9

Gratuity /ɡrəˈtjuːəti/

Money given as a gift for service

Upon retirement, he received a substantial gratuity for his years of service.

10

Social Security /ˈsəʊʃl sɪˈkjʊərəti/

Government program providing financial support to retirees (US)

Social Security benefits supplement his company pension.

11

Severance pay /ˈsevərəns peɪ/

Payment when employment is terminated

The contract includes six months of severance pay in case of layoffs.

12

Superannuation /ˌsuːpərˌænjʊˈeɪʃn/

Pension arrangement (especially in Australia/UK)

Her superannuation account has grown significantly over her career.

13

Defined benefit /dɪˈfaɪnd ˈbenɪfɪt/

Pension plan that promises specific payment

Defined benefit plans calculate payments based on salary and years of service.

14

Defined contribution /dɪˈfaɪnd ˌkɒntrɪˈbjuːʃn/

Pension where benefits depend on investment returns

With a defined contribution plan, retirement income depends on market performance.

15

IRA (Individual Retirement Account) /aɪ ɑː eɪ/

Personal retirement savings account (US)

He makes regular contributions to his IRA to supplement his employer pension.

16

Retirement age /rɪˈtaɪəmənt eɪdʒ/

Age at which one typically retires

The standard retirement age at the company is 65.

17

Pension scheme /ˈpenʃn skiːm/

Organized pension plan

The new pension scheme offers better benefits than the previous one.

18

Early retirement /ˈɜːli rɪˈtaɪəmənt/

Retirement before standard retirement age

She opted for early retirement at age 55 with reduced benefits.

19

Lump sum /lʌmp ˈsʌm/

Single payment of money

Upon retirement, he chose to take part of his pension as a lump sum payment.

20

Pension portability /ˈpenʃn ˌpɔːtəˈbɪləti/

Ability to transfer pension between employers

Pension portability allows employees to maintain benefits when changing jobs.

No.

TOEIC Vocabulary (Awards)

Meaning

Example

1

Accolade /ˈækəleɪd/

Award or praise granted as a special honor

She received numerous accolades for her innovative approach to problem-solving.

2

Commendation /ˌkɒmenˈdeɪʃn/

Formal statement of approval or praise

His dedication earned him a commendation from the board of directors.

3

Bonus /ˈbəʊnəs/

Extra payment given as a reward

Annual bonuses are awarded based on company performance.

4

Recognition ceremony /ˌrekəɡˈnɪʃn ˈserəməni/

Formal event to acknowledge achievements

The annual recognition ceremony honors outstanding employees.

5

Trophy /ˈtrəʊfi/

A tangible symbol of achievement

She was presented with a trophy for exceptional customer service.

6

Incentive /ɪnˈsentɪv/

Something that motivates or encourages

The company offers various incentives to reward exceptional performance.

7

Lifetime achievement /ˈlaɪftaɪm əˈtʃiːvmənt/

Recognition for contributions over entire career

She was honored with a lifetime achievement award in the industry.

8

Medal /ˈmedl/

Metal disk with inscription awarded as honor

The CEO presented him with a service medal for 25 years with the company.

9

Plaque /plæk/

Decorative or commemorative tablet

Her name was added to the plaque honoring outstanding employees.

10

Certificate /səˈtɪfɪkət/

Document confirming an achievement

Employees receive certificates for completing special projects.

11

Distinction /dɪˈstɪŋkʃn/

Excellence that sets someone apart

The project was completed with distinction, earning the team an award.

12

Honorarium /ˌɒnəˈreəriəm/

Payment given for professional services

He received an honorarium for speaking at the company conference.

13

Reward /rɪˈwɔːd/

Something given in recognition of service or achievement

The company has a reward system for employees who suggest improvements.

14

Citation /saɪˈteɪʃn/

Official commendation for achievement

Her citation mentioned her exceptional leadership during the crisis.

15

Prize /praɪz/

Something offered or won as a reward

The first prize in the innovation contest was a significant cash award.

16

Merit award /ˈmerɪt əˈwɔːd/

Recognition based on excellence

She received a merit award for her outstanding sales performance.

17

Tribute /ˈtrɪbjuːt/

Statement or action showing gratitude or praise

The company paid tribute to retiring employees with a special ceremony.

18

Honor /ˈɒnə/

High respect or recognition

It was an honor to be selected for the employee of the year award.

19

Grant /ɡrɑːnt/

Money given for a particular purpose

She received a research grant to develop a new product for the company.

20

Endorsement /ɪnˈdɔːsmənt/

Public declaration of support or approval

His work received an endorsement from the CEO at the annual meeting.