What is the formula for calculation of pension?
Kasturirangan says, “The formula to calculate the EPS pension is as follows: Monthly pension amount= (Pensionable salary X pensionable service)/70.” Pensionable service: This refers to the number of years for which contributions were made to the EPS account.
What is the commutation formula?
Formula for working out Commuted Value of pension = Amount of pension to be commuted X 12 X purchase value for age next birth day.
How is pension calculated in Tamilnadu?
Pension shall be determined based on 50% of pay last drawn. NOTE: Now the minimum pension is Rs. 3050/-w.e.f. 1.1. 2007.
How is Uncommuted pension calculated?
The amount of taxable uncommuted pension is calculated as under: Uncommuted pension June 1 to Dec 31, 2012 = Rs. 1,05,000/- [ ie Rs. 15000 x 7 ].
How is pension calculated as per 7th CPC?
After regular retirement the pension has been calculated under CCS Pension Rules….Examples of New Pension Determination.
| Retired on | 31.05.2015 |
|---|---|
| Pay band at the time of retirement | 67000-79000 (6thCPC Scale) |
| Final Pay on retirement | 79,000 |
| Old Pension as on 1.1.2016 | 39,500 |
| Revised pension (multiply with 2.57) | 1,01,515 |
What is pension commutation example?
Such pension received in advance is called commuted pension. For example, at the age of 60 years, you decide to receive 10% of your monthly pension in advance for the next 10 years worth Rs 10,000. This will be paid to you as a lump sum. Therefore, 10% of Rs 10000x12x10 = Rs 1,20,000 is your commuted pension.
How much monthly pension will I get from NPS?
| Calculation of Monthly NPS Pension Payouts | ||
|---|---|---|
| NPS Annuity Purchase Price | ₹50 lakh | ₹50 lakh |
| Annuity Provider | LIC of India | Bajaj Alliance Life Insurance |
| Average Annual Annuity Returns | 5.34% | 6.31% |
| Monthly Pension from NPS annuity | ₹22,231 | ₹25,411 |
What is Uncommuted basic pension?
Uncommuted Pension: Uncommuted Pension refers to Pension received periodically. Any amount received as Uncommuted Pension is fully taxable in the hands of both govt and non-govt employees. 2. Commuted Pension: Commuted means Interchange.
What is Mcq Uncommuted pension?
(a) Uncommuted pension is a periodic payment received after retirement. Illustration : Mr. Keshav receives pension of Rs. 25,200 per month after his retirement from Shyamal Ltd. (b) Commuted pension is a lump sum payment in lieu of periodic pension.