Dear friends,
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This post is to calculate the commutation of a pension and pension amount after commutation. So many employees have taken VRS even at the age of 50 years. So, this software will help them to set a reminder for submission of Form-1 in their admin office. Following important particulars regarding the commutation of a pension will be available in this software.
Enter only the following information:
Enter your Staff-Number (M0xxxxx) or
PPO-No (PPOxxxxx) |
M012345 |
Name |
Xxxxxxxxxxx |
Date of Birth |
31-Aug-1961 |
Date of VRS/Superannuation |
31-Jan-2020 |
Basic pay at the time of
VRS/Superannuation |
62820 |
IDA at the time of Commutation of
pension (Approximately- For calculation only) |
165.4 |
Percentage of Pension to be Commuted |
40 |
The output will be as follows:
Please submit your FORM-1 in your Admin Office between 31-Aug-2021 and
30-Sep-2021. |
|
Age on next birthday |
59 |
Commuted value for 15 years |
1262079 |
Monthly Commuted value |
7012 |
Basic Pension |
31410 |
Reduced monthly Pension after
Commutation |
18846 |
IDA is calculated on Full Basic
Pension, (On Rs 31410, at the rate of 165.4 %) |
51952 |
Total pension amount in the period of
commutation |
70798 |
Total receivable pension amount after
Tax in the period of commutation |
59972 |
Commutation shall stand restored either in 2036 or 2037 depending on
the date of commutation started. |