Pro-rata based Pension calculation?

07 March 2024 0 5K Report

The pension = (Pensionable salary X Number of years of pensionable service)/70.

The pensionable salary before 01.09.2014 = Average monthly salary of the last 12 months prior to pension or retirement.

Pensionable salary after 01.09.2014 = Average monthly salary of the last 60 months prior to pension or retirement.

So, how do you calculate the pensionable salary for those who joined the service prior to 01.09.2014 and retire after this date on a pro-rata basis?

For example, if someone joined the service on 31.08.1999 and retires on 31.08.2029, what will be their pro-rata pensionable salary?

Given, Last one year monthly average salary as on 31.08.2029 = 50000

Last five year monthly average salary as on 31.08.2029 = 43500

Last one year monthly average salary as on 31.08.2014 = 18500

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