In my country, that's called superannuation. You get some choice where its invested, but in short, you can't spend it on anything that benefits you materially

In my country, that's called superannuation. You get some choice where its invested, but in short, you can't spend it on anything that benefits you materially here and now. 9.5% minimum is taken out of practically every non-casual working position. In general, it's defined contribution, not defined payment (barring some of the older pension plans which are going to have some tough decisions ahead). Flaws of the system aside, I'm generally in favor of the idea myself.