I am going to explain the method of Pension calculation manually. So, you can calculate your Pension if you have a calculator and your last basic Pay detail with your service detail and your age. Furthermore, if you are retiring after June, you have to add one increment to your Current Basic pay. How to Calculate Pension? Pension and Gratuity Calculator. Hence Pension Calculation in Pakistan. Pension Calculation Formula with easy Steps Manually. For Example, if your basic pay is 106630/- (BPS-17) and you are retiring after June you should have to add one increment with your basic pay. Your basic pay will be 110050/- Consequently, to calculate your service, you have to subtract your Date of Appointment from the current Date of retirement.
For example, if your appointment date is 22-01-1987 and the date of Retirement is 31-08-2022.
| Date of retirement: | 2022-08-31 |
| Date of Appointment: | 1987-01-22 |
| Length of service: | 35y,07m,09d |
Steps 1
Pension formula
Gross Pension= Basic Pay x service x 7/300
Gross Pension = 110050 x 30 x 7/300
Total Gross Pension = 77035/-
Hence now you have to calculate your commuted amount. However, the Commuted amount is 35% of the Gross Pension.
Commuted amount= 77035 x 35/100
Commuted amount= 26962.25
Now to calculate your Commutation you should consult the Commutation Table. Similarly, you should calculate your age by Subtracting your Date of birth from the retiring date.
For Example, if your date of birth is 20-04-1968 and your retiring date is 31-08-2022.
Date of retirement = 2022-08-31
Date of Birth = 1968-04-20
Age of retirement = 54y, 04m, 11d
Your age will be 54 years, 04 months, and 11 days.
You should see the rate of 55 years next age is 181.7736
Commuted amount = 181.7736 x 26962.25
Hence Payable Commutation = 4901025.25
You may also visit GPF Calculation Formula
Now net pension can be calculated by the formula
Net Pension= Gross Pension x 65/100
Net Pension= 77035 x 65/100
So Net Pension= 50072.75
Most noteworthy, Medical is 25% from Scale 01 to scale 15 and 20% from Scale 16 to Scale 22.
Medical =50072.75 x 20% for Gazetted and 50072.75 x 25% for non Gazetted
Medical 20 % = 10014.55
25% increase in medical = 2503.64
Total medical Allowance = 12518.19
15% Increase of 2022 = 50072.75 x 15/100
15% Increase of 2022 = 7510.91
Total after the increase of 2022 = 57583.66
Step 2 for Pension Calculation Formula with easy Steps Manually
Total Emoluments = 110050.00
Similarly Gross Pension = 77035.00
35% Commuted Portion = 26962.25
Net Pension = 50072.75
Commutation Rate = 181.7736
Commuted Amount = 4901025.25
Finally Net Pension = 50072.75
15% Increase of 2022 = 7510.91
Total after the increase of 2022 = 57583.66
Medical Allowance = 12518.19
Net Pension Payable Rupees = 70101.85
The post Pension Calculation Formula with easy Steps Manually appeared first on Jobsgar.
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