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  • Pension Calculator

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    Keith Augustine
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    This document outlines the pension calculation for an employee with 24 years of service based on their average salary over the last three years. It shows the pension is calculated by adding the fractions for years served in the first 10 years (180/720) and remaining 14 years (168/720), totaling 348/720 of the average last three years salary. For 30 years of service and an average salary of BZ$37,824, the full pension would be BZ$22,064 per month. With 24 years of service, the employee would receive a gratuity of BZ$68,950 and reduced pension of BZ$16,548 per month.

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    PENSION-CALCULATOR

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    This document outlines the pension calculation for an employee with 24 years of service based on their average salary over the last three years. It shows the pension is calculated by adding the fractions for years served in the first 10 years (180/720) and remaining 14 years (168/720), totaling 348/720 of the average last three years salary. For 30 years of service and an average salary of BZ$37,824, the full pension would be BZ$22,064 per month. With 24 years of service, the employee would receive a gratuity of BZ$68,950 and reduced pension of BZ$16,548 per month.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    11 views3 pages

    Pension Calculator

    Uploaded by

    Keith Augustine
    This document outlines the pension calculation for an employee with 24 years of service based on their average salary over the last three years. It shows the pension is calculated by adding the fractions for years served in the first 10 years (180/720) and remaining 14 years (168/720), totaling 348/720 of the average last three years salary. For 30 years of service and an average salary of BZ$37,824, the full pension would be BZ$22,064 per month. With 24 years of service, the employee would receive a gratuity of BZ$68,950 and reduced pension of BZ$16,548 per month.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 3

    Based on average of last three years of salary

    Calculation for 24 years of service


    For the first 10 years (formula is) 180 (months or 15 years over 60 years
    720
    For the other 14 years (convert to months (14 x 12)) = 168
    720
    Add both fractions 180 + 168 = 348
    720 720 720

    FULL PENSION
    First Ten years 180
    720

    YEARS OF SERVICE 30 240


    720

    AVERAGE OF LAST 3 BZ$37,824.00 BZ$22,064.00


    YEARS OF SALARY

    FULL PENSION BZ$22,064.00


    or
    PER MONTH BZ$1,838.67

    REDUCED PENSION (GRATUITY AND REDUCED PENSION)

    GRATUITY/LUMP SUM BZ$68,950.00

    REDUCED PENSION BZ$16,548.00


    PER MONTH BZ$1,379.00

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