Pension Calculator
D. A. Calculator
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About Pension Calculator
"Pay" for the purpose of Provident Fund and Pension shall mean Basic Pay including Stagnation Increment, Professional Qualification Pay, Increment component of Fixed Personal Pay and Officiating Allowance Hence the above allowances qualify for pension . Enter last 10 months average of total of these allowances in the pension calculator.
Qualifying service - According to pension rules qualifying service of an employee shall commence from the date he is appointed in any cadre of the bank , on permanent basis. Period of probation shall be treated as qualifying service. If the Broken period of the service is the service of is less than 12 months , the broken period six months and less than six months shall be ignored and six months and one day shall
be reckoned as one year.
For VRS optees qualifying service will be increased by 5 years subject to maximum of 33 years . In the above calculator enter actual service and not increased service. Calculator takes care of additional five years service if the type of retirement is selected as "VRS".
About Commutation Calculator
Calculator will calculate commutation amount and commutation value if basic pension and age on next birthday after retirement is entered. The commutation amount ratio is set to 1/3 of the basic (maximum permissible) . The calculator also gives the commutation factor taken into account for the calculation commutation value. The commutation factor varies according to the age on retirement.
Commutation will be payable from the date of application for commutation and the age for this purpose will be the present age as on the date
of commutation.
About D.A. calculator
D A is calculated on original basic and NOT on basic reduced after commutation.There are different D.A rates depending upon date of retirement. Select D.A. appropritate option of D.A calculator depending upon date of retirement and enter Original Pension basic (i.e. without reducing commutation amount).The calculator also calculates D.A for retirees under 9th Bipartite Settlement i.e the date of retirement is after 01/11/2007 ( effective date of 9th BPS)
Net monthly pension = Pension Basic - Commuted Amt.
+ D. A on Original Pension Basic
For calculation methods of pension please go the link Pension FAQs shown on the home page of this site.
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About Pension Calculator
"Pay" for the purpose of Provident Fund and Pension shall mean Basic Pay including Stagnation Increment, Professional Qualification Pay, Increment component of Fixed Personal Pay and Officiating Allowance Hence the above allowances qualify for pension . Enter last 10 months average of total of these allowances in the pension calculator.
Qualifying service - According to pension rules qualifying service of an employee shall commence from the date he is appointed in any cadre of the bank , on permanent basis. Period of probation shall be treated as qualifying service. If the Broken period of the service is the service of is less than 12 months , the broken period six months and less than six months shall be ignored and six months and one day shall
be reckoned as one year.
For VRS optees qualifying service will be increased by 5 years subject to maximum of 33 years . In the above calculator enter actual service and not increased service. Calculator takes care of additional five years service if the type of retirement is selected as "VRS".
About Commutation Calculator
Calculator will calculate commutation amount and commutation value if basic pension and age on next birthday after retirement is entered. The commutation amount ratio is set to 1/3 of the basic (maximum permissible) . The calculator also gives the commutation factor taken into account for the calculation commutation value. The commutation factor varies according to the age on retirement.
Commutation will be payable from the date of application for commutation and the age for this purpose will be the present age as on the date
of commutation.
About D.A. calculator
D A is calculated on original basic and NOT on basic reduced after commutation.There are different D.A rates depending upon date of retirement. Select D.A. appropritate option of D.A calculator depending upon date of retirement and enter Original Pension basic (i.e. without reducing commutation amount).The calculator also calculates D.A for retirees under 9th Bipartite Settlement i.e the date of retirement is after 01/11/2007 ( effective date of 9th BPS)
Net monthly pension = Pension Basic - Commuted Amt.
+ D. A on Original Pension Basic
For calculation methods of pension please go the link Pension FAQs shown on the home page of this site.
