Last Updated on September 16, 2023 by Galaxy World
I am sharing the revised and updated Pension Calculator 2023-24 Federal, Punjab, Sindh, Balochistan and KP. This calculator is also valid for Azad Jammu & Kashmir and Gilgit-Baltistan pensioners. The pension calculation sheet for KPK employees is different as compared to Balochistan, Sindh, and Federal Pensioners.
New Pension Calculator 2023-24 Federal, Punjab, Sindh, Balochistan and KP
This calculator is valid for pensioners who retire on or after 1st July 2023. The pensioners who retire before this date will use the Revised Pension Calculator July 2022 to calculate pension and commute or gratuity. Punjab Government increased the pension initially only @ 5% of net pension, however on the request of the employees/pensioners Govt of Punjab issued the Notification of Pension increase 2023 Punjab @ 17.5% as other provinces and Federal. The difference between Punjab and others was only the payment of increased pensions to the new pensioners. Sindh Pensioners will also have different pension and commute amounts due to the changes in 2022. In 2022 Sindh Government issued the different pension calculations as I mentioned in the Commute and Pension Calculator 2022 Sindh pensioners.
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 pension increase 2023 Punjab pensioners.
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:
- Pension Amount
- Medical Increase
- Net Pension
- Gratuity or Commute
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.
Total 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.
Age at the time of Retirement
The age factor is also important to calculate pension and commute. We don’t enter the age in the calculation sheet. However, we shall enter the age rate that is shown in the calculation sheet/calculator. If the age of the employee is 27 years and one day or more days, we shall take the age value of 28 years.
Four Different Pension Calculation Sheets 2023-24
Keeping in view the above discussion we can see that there are four different pension and commute calculations 2023-24 for Federal and provincial pensioners. These are as under:
Any updates, changes, amendments, and corrections will be welcomed for the guidance of the employees and pensioners.