Last Updated on January 6, 2023 by Ilmilog Guru
Today I am sharing the Latest Pension Calculator Online for Pak Employees. So, the employees will explore this calculation easily through this page. Our team works for all employees of Pakistan.
However, the government of Pakistan has provided updated calculator. But the employees are feeling hard to search and reach there. Therefore, our team helps all those to use it easily.
Latest Pension Calculator Online for Pak Employees
In addition, our team has provided a new calculator. So, you can choose one of them and use for calculation. There is different type of calculators. Therefore, federal government employees and other civil servants can search a suitable one.
All federal and provincial employees of the Pakistani government may use this calculator to determine their pension and commutation. Automatic pension and commutation calculations are possible. Pension and commute calculations are quite simple.
When a government employee retires, they are often eligible for three main benefits: pension, commutation, and the general pension fund (GPF). While employees have the option of cashing their LPR, doing so would result in an additional year’s worth of basic pay for the employee (leave pre-retirement). It is a sum of money that will be paid to a worker when they leave their position.
• General Provident Fund GPF, in addition to profit, is the sum that is taken from the employee while they are working (if opted for it).
• Commutation (gratuity) refers to the one-time payment made at the conclusion of the service.
The monthly payment made to a retired employee following his or her retirement is known as a pension.
Read More: Disbursement of Salary Notification & Pension Sep 2022
The following options are available to a government worker for pension and commutation:
1. Retirement at age 60.
2. Following 25 years of service, retirement.
3. If a government employee passes away while on the job but after completing at least 10 years of regular employment, his or her family receives the pension.
This calculator is very simple and straightforward to use.
• Include your most recent basic pay, senior post allowance, personal pay, and regular raise.
AGPR Calculator for Employees:
The accountant general revenue is providing a facility for employees in this regard. Therefore, all employees can use this calculation link and fill this form to calculate.
Any employee who retires with a minimum of 25 years of service will get a monthly pension payment from the government. Now, without using a special method, we’ll learn how to compute and create the pension calculator formula for 2022.
If you work for the government, you must have the knowledge necessary to determine your retirement pension amount when your service is over. I will give you all the details you will unquestionably need to produce a pension calculation.
The total pension can be determined using a variety of formulas that take into account Basic Pay, Total Service, Age Factor, and Age Rate.
Read More: Online Pension Calculator 2020 on MS Google Excel Sheet
Punjab Police Pension Calculator:
The government in the province of Punjab has uploaded a pension and commutation calculator only for Police employees. So, if you are working in the Punjab police. Then it is easy for you to download that one and use it online.
Pension Calculator for Punjab Police only
Basic Pay must comply with LPC. In addition, we will add one regular increment equivalent to the yearly increment if the employee retires on or after June 15. Pensioners who retire on or after June 1 through November 30 are eligible for this customary increment. This is because the employee has served on a certain pay scale for 6 months as of or after June 1st.
Total Service Time / Service Duration
To determine pension, we utilize the overall length of service. More than 30 years of service cannot be used. Even though the employee has 42 years of service, we will only utilize the 30-year figure if the employee has more than 30 years of service. The length of service will be as follows if the employee has fewer than some full years and some months of service:
25 Years 27 years in 7 months
25 years 25 years in 5 months
35 years 8 months equals 30 years. 41 years 30 years + 5 months Consequently, less than six months won’t be taken into account and more than six months would be treated as a complete year. Age prior to retirement.
The pensioners will be able to add their pension to the following pension increases throughout the course of several years.
Pensioners from the federal, Punjab, and Balochistan
15% Pension Increase in 2011,
7.5% Pension Increase in 2015,
10% Pension Increase in 2016,
and 10% Pension Increase in 2017. 2018
Pension Increase of 10% 10% increases in pensions in 2019 and 2021, 25% for BPS-01 to BPS-15, and 20% for BPS-16 and beyond, as well as the 2010 Medical Allowance of Pension Increase (Frozen)
25% increase in the previous medical allowance’s medical allowance
When a pension is increased, it is stated in the notification whether the increase is 10%, 15%, etc. on the net pension.
The medical allowance mentioned above for the pensioners is subtracted to arrive at this net pension.
Question & Answer Session:
Question 1: What is the formula applied for restoration of commuted value of pension before 01-12-2001 and after 01-12-2001.
Answer: This above was raised on 06-01-2023. So, the formula is 15.4649 years before 31-12-2001 and after those 12.3719 years