Calculation of Pension & Commutation
I am sharing the revised and updated Pension Calculator 2023-24 according to the increase in pension notified w.e.f. 1st July 2023 for the employees of the Federal, Punjab, Sindh, Balochistan and KP Governments. This calculator is also valid for Azad Jammu & Kashmir and Gilgit-Baltistan pensioners. This calculator is valid for pensioners who will retire on or after 1st July 2023. Punjab Government increased the pension initially only 5% of net pension, however on the request and protest of the employees/pensioners Govt of Punjab issued the Notification of increase in pension @ 17.5% w.e.f. 1st August 2023 but it will not be admissible to those pensioners who will retire on or after 1st August 2023.
Calculation of Pension for the Employees Retired on or after 1st July 2023
The employees of Federal, Sindh, Balochistan, and KP who will retire on or after 1st July 2023 will get the benefit of a pension increase with effect from 1st July 2023. However, Punjab Government employees who retired on or after 1st Aug 2023 will not get the benefit of the increase in pension @ 17.5%
How to Calculate Pension and Gratuity or Commute
The Pensioners simply can get the details of the following by just putting a few values in the pension calculator:
- Monthly take home Pension including Medical Allowance
- Gratuity or Commute
Values Required
To calculate the pension and commute the pensioners only required the following values:
- Last Drawn Basic Pay
- Total Length of Service
- Age at the time of Retirement
Last Pay Drawn
The last pay drawn is the pay that the employee has at the time of retirement. If the employee retired on or after 1st June then we shall also add one Usual Increment in the basic pay to calculate pension and gratuity only. In the same way add any pay, special pay, etc. in the basic pay to calculate pension. The Orderly Allowance we also added to the basic pay to calculate pension/commute or gratuity.
Length of Service
The total length of service is the regular service without any interruption in service. If the employee has a value of 6 months or more than round years we shall add one year more. Suppose an employee has 27 years and 7 months of service we shall take 28 years of service. We cannot enter more than 30 years of service in the pension calculator. If the employee has 35 years of service we shall take only 30 years. However, if the employee has 27 years of service we shall add only 27.
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