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The glossary in this Portal provides definitions of core terms closely related to the medium-term expenditure framework; and links to other online glossaries.

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Value system

A value system refers to how an individual or a group of individuals organize their ethical or ideological values. A well-defined value system is a moral code. Still, one or more people can hold a value system. Likewise, a value system can apply to either one person or many. A personal value system is held by and applied to one individual only, while a communal value system is held by and applied to a community/group/society. Some communal value systems can take the form of legal codes or law. Fred Wenstøp and Arild Myrmel have proposed a structure for corporate value systems that consists of three value categories. These are considered complementary and juxtaposed on the same level if illustrated graphically on for instance an organization’s web page. The first value category is Core Values, which prescribe the attitude and character of an organization, and are often found in sections on Code of conduct on its web page. The philosophical antecedents of these values are Virtue ethics, which is often attributed to Aristotle. Protected Values are protected through rules, standards and certifications. They are often concerned with areas such as health, environment and safety. The third category, Created Values, is the values that stakeholders, including the shareholders expect in return for their contributions to the firm. These values are subject to trade-off by decision-makers or bargaining processes.

Voluntary retirement

Voluntary retirement is the act of retiring, the state of being retired, and withdrawal from one’s occupation, business, or office voluntarily. In some countries, the government and/or public institutions encourages voluntary retirement through a specially designed scheme to reward those who take the option.