Pension calculation formula for state government employees || family pension calculation 2022
Pension is the amount paid by the government each month to employees who have completed their work in the state government or public sector until they reach the age of 60.
How to calculate pension?
To calculate the pension you need to calculate the net qualifying service.
Net qualifying service is the period from the date of joining and the date of retirement.
CALCULATION OF PENSION
(for persons having full qualifying service)
Pension = 1/2*Pay last drawn before retirement(pay+da)*No.of completed half years/60

Family Pension:If the civil servant dies while on duty or after retirement it is given to his family i.e. wife or husband.
CALCULATION OF FAMILY PENSION
=Enhanced family pension
• Pay last drawn (pay+da)*50/100
=Normal family pension
• Pay last drawn (pay+da)*30/100
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Pension Calculation Formula for State Government Employees || Family Pension Calculation 2022

Pensions are an essential part of retirement planning, especially for state government employees who dedicate their careers to public service. The pension amount ensures financial stability and security in their post-retirement life. However, understanding the pension calculation formula can be a bit complex, especially with the various rules and regulations that govern state government pensions. In this article, we will discuss the pension calculation formula for state government employees and family pension calculation for 2022.

Pension Calculation Formula for State Government Employees:

The pension amount for state government employees is calculated based on a formula that takes into account various factors such as years of service, average monthly salary, and the age at which the employee retires. The formula varies from state to state, but the basic structure remains the same. Here is a general overview of the pension calculation formula for state government employees:

Pension Amount = (Pensionable salary x Years of service) / 70

Where,
– Pensionable salary: This is the average of the last ten months’ salary or the last drawn salary, whichever is higher.
– Years of service: This is the total number of years the employee has served in the government sector.
– 70: This is a constant factor used in the formula to calculate the pension amount.

For example, if an employee’s pensionable salary is $50,000 and they have served for 25 years, the pension amount would be calculated as follows:
Pension Amount = ($50,000 x 25) / 70
Pension Amount = $17,857.14

Family Pension Calculation 2022:

In the unfortunate event of the death of a state government employee, their family is entitled to receive a family pension. The family pension amount is calculated based on a formula that considers factors such as the last drawn salary of the deceased employee and the number of eligible family members. The family pension amount is usually a percentage of the last drawn salary of the deceased employee and varies from state to state.

The family pension calculation formula for 2022 typically looks something like this:
Family Pension Amount = (30% of the last drawn salary) + (15% additional family pension for each eligible family member)

For example, if the last drawn salary of the deceased employee was $50,000 and they have two eligible family members, the family pension amount would be calculated as follows:
Family Pension Amount = (30% of $50,000) + (15% x 2)
Family Pension Amount = $15,000 + $3,750
Family Pension Amount = $18,750

In conclusion, understanding the pension calculation formula for state government employees and family pension calculation is essential for financial planning and ensuring a secure future after retirement. State governments have specific rules and regulations governing pensions, so it is crucial for employees to be aware of their pension benefits and entitlements. By knowing the pension calculation formula, employees can better plan for their retirement and ensure financial stability for themselves and their families.