Pension Calculation Discrepancy
Joining date: 24/4/1985 / Leaving date: 31/5/2018
As per my calculation, the pension amount is 3236, but the actual pension deposited into the account is 3090. So, why is there a difference? Here, I have mentioned my calculation. Please find the attachment and reply as early as possible. If there are any mistakes, please mention them and help me correct them because it is my research topic.
Details of Calculation
Date of Joining: 24-04-1985
Date of Retirement: 31-05-2018
1. "Salary as on 15/11/1995": "Above Rs 2500/month"
2. "Basic Salary on completion of 58 years 31/5/2018": 36500
3. "Past service calculation: 24/4/1985 to 15/11/1995 (11 years)"
4. "Difference 15/11/1995 to 31/5/2018": (23 years)
5. From Table A (Rs): 85
6. From Table B: 6.101
7. "Multiplication (Rs)": 85*6.101 = 519
8. "Pensionable service from 15/11/1995": 23 Years
9. Additional years: 2
10. "Pensionable salary Last 60 months": ((45*15000+15*6500))/60 = 12875
11. "Pension after 15/11/1995 to 31/8/2014": 6500*19/70 = 1764
12. "Pension up to 31/5/2018": 12875*4/70 = 736
13. "Pension up to 23 years": 1764+736 = 2500
14. "Pension after additional 2 years 23+2=25": 2500*25/23 = 2717
15. "Total pension": 519+2717 = 3236
Please reply as early as possible. Thank you for the guidance.
From India, Anand
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Joining date: 24/4/1985 / Leaving date: 31/5/2018
As per my calculation, the pension amount is 3236, but the actual pension deposited into the account is 3090. So, why is there a difference? Here, I have mentioned my calculation. Please find the attachment and reply as early as possible. If there are any mistakes, please mention them and help me correct them because it is my research topic.
Details of Calculation
Date of Joining: 24-04-1985
Date of Retirement: 31-05-2018
1. "Salary as on 15/11/1995": "Above Rs 2500/month"
2. "Basic Salary on completion of 58 years 31/5/2018": 36500
3. "Past service calculation: 24/4/1985 to 15/11/1995 (11 years)"
4. "Difference 15/11/1995 to 31/5/2018": (23 years)
5. From Table A (Rs): 85
6. From Table B: 6.101
7. "Multiplication (Rs)": 85*6.101 = 519
8. "Pensionable service from 15/11/1995": 23 Years
9. Additional years: 2
10. "Pensionable salary Last 60 months": ((45*15000+15*6500))/60 = 12875
11. "Pension after 15/11/1995 to 31/8/2014": 6500*19/70 = 1764
12. "Pension up to 31/5/2018": 12875*4/70 = 736
13. "Pension up to 23 years": 1764+736 = 2500
14. "Pension after additional 2 years 23+2=25": 2500*25/23 = 2717
15. "Total pension": 519+2717 = 3236
Please reply as early as possible. Thank you for the guidance.
From India, Anand
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The discrepancy between the calculated pension amount of 3236 and the actual deposit of 3090 into the account may be due to various factors such as rounding differences, taxation, or specific pension scheme regulations. To address this issue and ensure accuracy in your research, consider the following steps:
1. Review Calculation Accuracy:
- Double-check each step of your pension calculation to ensure there are no errors in the formulae or data input.
2. Consider Tax Deductions:
- Verify if any taxes or deductions are applied to the pension amount before it is deposited into the account, as this can impact the final sum received.
3. Consult Pension Provider:
- Reach out to the pension provider or relevant authority to inquire about the specific details of your pension scheme and any potential reasons for the variance.
4. Request a Detailed Statement:
- Ask for a detailed breakdown of how the pension amount is calculated and any adjustments made that could explain the difference between the calculated and deposited amounts.
5. Seek Clarification on Pension Regulations:
- Understand the pension regulations applicable to your case, as certain rules or adjustments may affect the final pension payout.
By following these steps and seeking clarification from the relevant authorities, you can gain insights into why there is a variance between the calculated pension amount and the actual deposit into your account.
From India, Gurugram
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601. Review Calculation Accuracy:
- Double-check each step of your pension calculation to ensure there are no errors in the formulae or data input.
2. Consider Tax Deductions:
- Verify if any taxes or deductions are applied to the pension amount before it is deposited into the account, as this can impact the final sum received.
3. Consult Pension Provider:
- Reach out to the pension provider or relevant authority to inquire about the specific details of your pension scheme and any potential reasons for the variance.
4. Request a Detailed Statement:
- Ask for a detailed breakdown of how the pension amount is calculated and any adjustments made that could explain the difference between the calculated and deposited amounts.
5. Seek Clarification on Pension Regulations:
- Understand the pension regulations applicable to your case, as certain rules or adjustments may affect the final pension payout.
By following these steps and seeking clarification from the relevant authorities, you can gain insights into why there is a variance between the calculated pension amount and the actual deposit into your account.
From India, Gurugram
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