A govt servant can get Pension and Commutation on
a) Completion of 25 years service
b) attaining the age of 60 years
c) If a Govt servant dies after completing minimum 10 Years service, his Family can get the family pension.
a) Completion of 25 years service
b) attaining the age of 60 years
c) If a Govt servant dies after completing minimum 10 Years service, his Family can get the family pension.
HOW TO CALCULATE GROSS PENSION:
Gross Pension= Last Basic Pay X Service in years (Max 30) X 7/300
(Note: 6 months or more than 6 months will be counted a full year.)
Gross Pension= Last Basic Pay X Service in years (Max 30) X 7/300
(Note: 6 months or more than 6 months will be counted a full year.)
Example:
If a Govt Servant whose date of birth is 1/1/1972 and date of appointment is 1/3/1992 retires on 28/2/2017 after completing 25 Years service and his Last basic pay is Rs 30000 in Grade 14, his gross pension will be as under.
Gross Pension = 30000 X 25 X 7/300 = 17500
If a Govt Servant whose date of birth is 1/1/1972 and date of appointment is 1/3/1992 retires on 28/2/2017 after completing 25 Years service and his Last basic pay is Rs 30000 in Grade 14, his gross pension will be as under.
Gross Pension = 30000 X 25 X 7/300 = 17500
HOW TO CALCULATE COMMUTATION:
Commuted Pension (35%) = Gross Pension X 35/100 = 17500 X 35/100= 6125
Amount of Commutation=
Commuted Pension X12 X Rate from Commutation Table
= 6125 X 12 X 21.0538 = 1547454.30
Commuted Pension (35%) = Gross Pension X 35/100 = 17500 X 35/100= 6125
Amount of Commutation=
Commuted Pension X12 X Rate from Commutation Table
= 6125 X 12 X 21.0538 = 1547454.30
COMMUTATION TABLE:
In the above example, age on next birthday of Govt servant on 28/2/2015 becomes 46. ( Age on 1/1/2018). So we have taken the rate of 46 years from the commutation table which is 21.0538
In the above example, age on next birthday of Govt servant on 28/2/2015 becomes 46. ( Age on 1/1/2018). So we have taken the rate of 46 years from the commutation table which is 21.0538
NET PENSION:
Net Pension (65%) = Gross Pension X 65/100 = 17500 X 65/100 = 11375
Increases on Net Pension are as under.
Medical (25% of Net Pension) = 2843.75
(Note: For Grade 16 and above, Medical is 20%)
25% Increase on Medical = 710.93
15% Increase of year 2010 = 1706.25
15% Increase of year 2011 = 1706.25
7.5% Increase of year 2015 = 853.12
10% Increase of year 2016 = 1137.50
TOTAL PENSION PER MONTH = 20382.80
Net Pension (65%) = Gross Pension X 65/100 = 17500 X 65/100 = 11375
Increases on Net Pension are as under.
Medical (25% of Net Pension) = 2843.75
(Note: For Grade 16 and above, Medical is 20%)
25% Increase on Medical = 710.93
15% Increase of year 2010 = 1706.25
15% Increase of year 2011 = 1706.25
7.5% Increase of year 2015 = 853.12
10% Increase of year 2016 = 1137.50
TOTAL PENSION PER MONTH = 20382.80
CONCLUSION:
The Govt servant will get commutation Rs. 1547454 and Pension Rs. 20383 per month.
The Govt servant will get commutation Rs. 1547454 and Pension Rs. 20383 per month.
FAMILY PENSION:
In case of death of a Government servant while in service, his family gets Family Pension in which Commuted Pension becomes 25% and Net Pension becomes 75% with the same formula as mentioned above.
In case of death of a Government servant while in service, his family gets Family Pension in which Commuted Pension becomes 25% and Net Pension becomes 75% with the same formula as mentioned above.
SERVICE LESS THAN 10 YEARS:
If a government servant dies or is declared invalid after completing 5 years service but less than 10 years service, he or his family is given Graduity equal to 1.5 months Pay for each year. For example 8 years service is entitled for 12 months Pay. Service less than 5 years has no such advantage.
If a government servant dies or is declared invalid after completing 5 years service but less than 10 years service, he or his family is given Graduity equal to 1.5 months Pay for each year. For example 8 years service is entitled for 12 months Pay. Service less than 5 years has no such advantage.
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