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Calculate Pension and Commute!

Pension



Calculate Pension and Commute!

Calculation of Pension

The calculation of Pension and Commute is very simple. An employee can calculate his/her pension and commute himself/herself. The main things in pension calculation are basic pay and total service at the time of retirement. The formula for pension calculation is as under:
Gross Pension = Basic Pay x Service (Maximum 30 years) x 70/3000

Basic Pay

The basic pay is taken the pay at the time of retirement the individual is drawing. If an employee retires from service on 1st June or after it then 1x Usual Increment is added in his/her basic pay for the pension purpose only. If an employee is drawing PP (Personal Pay), it is also included in his/her basic pay. Same is the case with Special Pay.

Service

The maximum length of service for the pension purpose is 30 years. If an employee has a service more than 30 years then only 30 years service is considered for the pension purpose.

Ordinary Pension

Here is to mention that 65 % of the Gross Pension is taken as Ordinary Pension and the remaining 35 % is taken for the Commute purpose.
Ordinary Pension = Gross Pension x 65 %

Calculation of Commute

Use the following formula for the calculation of commute.
Commute = 35 % of Gross Pension x 12 x Age Rate

Age Rates

Age rates according to the Revised Pay Scale 2001 are as under:

Age Next Birthday No. of Years Purchased
20 40.5043
21 39.7341
22 38.9653
23 38.1974
24 37.4307
25 36.6651
26 35.9006
27 35.1372
28 34.3750
29 33.6143
30 32.8071
31 32.0974
32 31.3412
33 30.5869
34 29.8343
35 29.0841
36 28.3362
37 27.5908
38 26.8482
39 26.1009
40 25.3728
41 24.6406
42 23.9126
43 23.1840
44 22.4713
45 21.7592
46 21.0538
47 20.3555
48 19.6653
49 18.9841
50 18.3129
51 17.6526
52 17.0050
53 16.3710
54 15.7517
55 15.1478
56 14.5602
57 13.9888
58 13.4340
59 12.8953
60 12.3719
61 11.8632
62 11.3684
63 10.8872
64 10.4191
65 09.9639
66 09.5214
67 09.0914
68 08.6742
69 08.2697
70 07.8778
71 07.4983
72 07.1314
73 06.7766
74 06.4342
75 06.1039
76 05.7858
77 05.4797
78 05.1854
79 04.9030
80 04.6321

Pension


Source of this article

Calculate Pension & Commute in Just 5 Seconds by Calculator


Pension Rules (AGPR) in PDF



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