Meaning of the word competency in English

What does competency mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

competency

US /ˈkɑːm.pə.t̬ən.si/
UK /ˈkɒm.pɪ.tən.si/

Noun

2.

an income large enough to live on, typically unearned.

Example:
he found himself with an ample competence and no obligations