How do you calculate commutation of money?
How do you calculate commutation of money?
Formula for working out Commuted Value of pension = Amount of pension to be commuted X 12 X purchase value for age next birth day….Model Calculation: Commutation.
| Post | Class – II |
|---|---|
| Amount of commutation | 2337 X 12 X 8.194 |
| 229792.54 Say Rs. 229793/- | |
| Commuted value of Pension | Rs. 229793/- payable on or after 01.05.2011 |
What is the maximum amount of pension commutation?
Maximum limit on pension is 50% of the highest pay in the Government of India (presently Rs. 1,25,000) per month. Pension is payable up to and including the date of death. A Central Government servant has an option to commute a portion of pension, not exceeding 40% of it, into a lump sum payment.
What are the rules of commutation of pension?
The reduction in the amount of pension on account of commutation shall become operative from the date of receipt of the commuted value of pension by the pensioner or three months after the issue of the authority asking the pensioner to collect the commuted value of the pension by the Accountant General, whichever is …
At what age pension gets double?
Once, when the pensioner turns 80 years or above, an additional pension is increased between 20-100 per cent which is payable to the retired Government servant.
What is rate of commutation of pension?
Commuted Amount : Government Employee pension amount is Rs. 32000/- at the time of retirement, he / she commuted 40% of his pension, then the commuted amount is 40 percent of Rs. 32000 i.e. 12800 is the commuted amount here.
What is interest rate of commutation?
Permissible commutation was also raised from one third to 40% of the basic pay w.e.f. 1.1. 96. The Commutation Factor (CF) came down to 9.81 from 10.46. The rate of interest was 4.75% p.a. Those who superannuated between 1.1.
Can a person take 2 pensions?
New Delhi: Now one can get two central government family pensions. Yes it is possible if both the parents were government employees as per details provided by the Department of Pension & Pensioners’ Welfare. However, there are certain conditions while availing double family pensions.
What is maximum family pension?
In February 2021, the Family pensions upper ceiling was raised from Rs 45,000 to Rs 1,25,000 per month. Union minister Jitendra Singh on Friday said that in a far-reaching reform regarding family pensions the upper ceiling has been raised from Rs 45,000 to Rs 1.25 lakh per month.
How is pension and commutation calculated in Pakistan?
Last pay drawn* x7/300x length of service of the deceased govt. servant. *Include all emoluments reckonable for pension. Gross pension x1/4 x12x (Index from commutation table, according to age next birthday of the deceased).
How do you calculate the amount of commutation?
HOW TO CALCULATE COMMUTATION: Commuted Pension = 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 20.3555 = 1496129.
What is the amount of commuted amount in government pension?
Commuted Amount : Government Employee pension amount is Rs.32000/- at the time of retirement, he / she commuted 40% of his pension, then the commuted amount is 40 percent of Rs.32000 i.e. 12800 is the commuted amount here.
What is the commutation factor in CCS?
Commutation Factor : In the CCS (Commutation of Pension) Rules, the Commutation factor value is given for different ages, this table value is effective from 1.1.2006 – Click here to find the Commutation Value Commuted Factor = Take Example, Age Next birthday is 42 years, then the commutation value is 9.059 as per the Commutation Table
