Retirement benefits calculator for central government employees
The Government of India provides various retirement benefits to its employees. Exclusively to the retirees that have completed their service tenure. In terms of pension schemes, tax exemptions, monetary benefits, and health schemes. This is to support the financial standards of them and their dependents as well. As they tend to reduce their physical capacity to do work.
Retirement benefits for central government employees:
Here we are going to explain all about the benefits and their purposes. Get to know about every scheme in detail.
Retirement pension
It is the emoluments received by both the state and central government employees after retirement. For being served all his/her lifetime under the specific government. It is provided on the basis of the amount of salary provided in service time. It is also known to be a superannuation pension. Mostly provides close figures of pension that of to salary along with that allowances.
Enhanced family pension
The enhanced family pension deals with providing the pension to the retiree’s family members. It happens only in the case of the death of the employee in 3 such cases.
The pension would be enhanced at a rate of 50%. For the time being of 10 years. In the case of the death of an employee being served from January 2006. But one condition is that he should have 7 continuous years of service.
The pension would also be enhanced for the time being of 10 years. In case of the death of an employee being served between 1999 to 2006.
It is provided in case of the death of an employee who is already 67 years old. It will continue until the period of 7 years. After the completion of the provided period for enhanced family pension. The ordinary pension will commence.
Normal family pension
The normal family pension is quite a bit different from the enhanced family pension. The normal family pension can be claimed for the purposes of personal reasons. Like higher education loans, children's marriages, abroad travel purposes and loans, etc.
Commutation of pension
Around 40% of the pension can be combined with the lump sum amount of the actual pay. But it should not exceed the provided pay. It is provided for mostly medical purposes. But no need to submit medical certifications If an employee claims within or below 1 year.
Death-cum-retirement gratuity
The lump sum amount will be paid either to employees or their dependent family members. Only once in a lifetime, an employee can avail of such a benefit. With 5 years of continuous service. The 1/4th part of the basic salary part will be considered. The maximum limit amount provided under Death-cum-retirement gratuity is 20lakh rupees.
Leave encashment
Leave encashment refers to a situation where an employee is entitled to claim paid leave. It can be either half day/ full day. This can be done only when an employee tends to retire/ leave the firm. Valid until 300 days from the date of retirement.
CGEGIS savings fund
It refers to the central government employees' group insurance scheme. It's more like an insurance scheme than a pension. The rate of insurance coverage will be done through a monthly subscription. The main benefit is that it can also be considered a savings fund.
Retirement benefits calculator for central government employees:
Here we will explain to you how to calculate your every retirement benefit respectively. For that, you should follow the procedure provided below. It just takes a couple of minutes to calculate and categorize your benefits.
Step 2 - Select the pension calculator at the right column of the page.
Step 3 - It leads you to its calculator interface.
Gratuity type
Retirement type
DOB
Retirement date
Total qualifying service
Total last month salary
Step 4 - Click on calculate gratuity option. It generates a total gratuity amount as output.
Leave encashment calculator
It can be calculated just by a simple traditional method of multiples as shown -
Let us assume a person is receiving a salary of 45,000/- per month.
Then calculate that salary per day = 45,000/30 = 1,500/-
= 1,500*300 (max days)
= Rs. 4,50,000/-
CGEGIS savings fund calculator
There are various sources to calculate CGEGIS savings funds online. One can provide inputs like
Contribution amount
Year
Month
Value in rupees
It generates the output of provided requirements. Stating the lump sum amount that is benefited under the savings fund insurance.
Conclusion:
The contents of the blog will help you out with aspects related to the Retirement benefits calculator for central government employees. Hope you cleared all your doubts. Follow our page for more information on government employees and related articles as well.
The Government of India provides various retirement benefits to its employees. Exclusively to the retirees that have completed their service tenure. In terms of pension schemes, tax exemptions, monetary benefits, and health schemes. This is to support the financial standards of them and their dependents as well. As they tend to reduce their physical capacity to do work.
Retirement benefits for central government employees:
Here we are going to explain all about the benefits and their purposes. Get to know about every scheme in detail.
Retirement pension
It is the emoluments received by both the state and central government employees after retirement. For being served all his/her lifetime under the specific government. It is provided on the basis of the amount of salary provided in service time. It is also known to be a superannuation pension. Mostly provides close figures of pension that of to salary along with that allowances.
Enhanced family pension
The enhanced family pension deals with providing the pension to the retiree’s family members. It happens only in the case of the death of the employee in 3 such cases.
The pension would be enhanced at a rate of 50%. For the time being of 10 years. In the case of the death of an employee being served from January 2006. But one condition is that he should have 7 continuous years of service.
The pension would also be enhanced for the time being of 10 years. In case of the death of an employee being served between 1999 to 2006.
It is provided in case of the death of an employee who is already 67 years old. It will continue until the period of 7 years. After the completion of the provided period for enhanced family pension. The ordinary pension will commence.
Normal family pension
The normal family pension is quite a bit different from the enhanced family pension. The normal family
pension can be claimed for the purposes of personal reasons. Like higher education loans,
children's marriages, abroad travel purposes and loans, etc.
Commutation of pension
Around 40% of the pension can be combined with the lump sum amount of the actual pay. But it should
not exceed the provided pay. It is provided for mostly medical purposes. But no need to submit
medical certifications If an employee claims within or below 1 year.
Death-cum-retirement gratuity
The lump sum amount will be paid either to employees or their dependent family members. Only once in a lifetime, an employee can avail of such a benefit. With 5 years of continuous service. The 1/4th part of the
basic salary part will be considered. The maximum limit amount provided under Death-cum-retirement
gratuity is 20 lakh rupees.
Leave encashment
Leave encashment refers to a situation where an employee is entitled to claim paid leave. It can be either half day/ full day. This can be done only when an employee tends to retire/ leave the firm. Valid until 300 days from the date of retirement.
CGEGIS savings fund
It refers to the central government employees' group insurance scheme. It's more like an insurance scheme than a pension. The rate of insurance coverage will be done through a monthly subscription. The main benefit is that it can also be considered a savings fund.
Retirement benefits calculator for central government employees:
Here we will explain to you how to calculate your every retirement benefit respectively. For that, you should follow the procedure provided below. It just takes a couple of minutes to calculate and categorize your benefits.
Retirement pension calculator
Step 1 - click on pensionersportal.gov.in
Step 2 - Select the pension calculator at the right column of the page.
Step 3 - It leads you to its calculator interface. Where you need to provide inputs like -
Type of Retirement
DOB
Date of Retirement
Total qualifying service
Sum amount of salary from last 10 months
Superannuation
Current date
Step 4 - Click on calculate basic pension option. It generates the output showing average emoluments and basic pension amount as well.
Family pension
Step 1 - click on pensionersportal.gov.in
Step 2 - Select the pension calculator at the right column of the page.
Step 3 - It leads you to its calculator interface. Where do you need to provide input on last month's pay (basic salary + SI + NPA + DP)
Step 4- Click on calculate family pension option. Then it displays the output of both
Normal family pension.
Enhanced family pension.
Commutation of pension calculator
Step 1 - click on pensionersportal.gov.in
Select the pension calculator at the right column of the page.
Step 3 - It leads you to its calculator interface.
Commuted pension percentage (should not exceed 40%)
Last working day should be the retirement date before DOB.
Step 4 - Click on calculate commuted pension option. It generates
Total amount of commuted pension
Reduced pension after claiming commutation
Death-cum-retirement gratuity calculator
Step 1 - click on pensionersportal.gov.in
Step 2 - Select the pension calculator at the right column of the page.
Step 3 - It leads you to its calculator interface.
Gratuity type
Retirement type
DOB
Retirement date
Total qualifying service
Total last month salary
Step 4 - Click on calculate gratuity option. It generates a total gratuity amount as output.
Leave encashment calculator
It can be calculated just by a simple traditional method of multiples as shown -
Let us assume a person is receiving a salary of 45,000/- per month.
Then calculate that salary per day = 45,000/30 = 1,500/-
= 1,500*300 (max days)
= Rs. 4,50,000/-
CGEGIS savings fund calculator
There are various sources to calculate CGEGIS savings funds online. One can provide inputs like
Contribution amount
Year
Month
Value in rupees
It generates the output of provided requirements. Stating the lump sum amount that is benefited under the savings fund insurance.
Conclusion:
The contents of the blog will help you out with aspects related to the Retirement benefits calculator for central government employees. Hope you cleared all your doubts. Follow our page for more information on government employees and related articles as well.