Many public servants including teachers and other government officers are normally paid monthly pension payment to help them cater for needs while out of service.
For those nearing retirement, they should picture it not a punishment but see themselves themselves relaxing, having time to enjoy hobbies as well as having enough time to spending with family.
The government retired officers among them teachers and civil servants have an are lucky since there are benefits they are paid that can help them live a wonderful life after as they leave the workforce.
Normally, retirement officers might have a civil servant pension or occupational pension scheme as well as personal pension scheme.
Normally the retirement benefits are calculated using the formula that is applicable to the type of pension scheme they are attached to .
Formula to calculate pension for teachers and government Officers.
For the officers who served under the government , they are are entitled to a good pension as well as monthly pension.
Equally , all TSC teachers are considered government officers under state laws.
The amount of money these officers receive depend on how long they served and their final salary they received.
You can easily calculate your pension amount using this formula.
Monthly pension calculation formula
You can use this formula;
Number of years in service X 12 (twelve) months X final or annual salary ÷ 480.
For instance, incase you worked at your job for 20 years, and your final salary is Sh1500000 per year.
This is how to calculate your pension:
20 years X 12 (months) X (KSh1500000) divide by 480 = Sh750000 p.a
Retired Couple spending time together ;Image/courtesy
This means that your pension per year =sh, 750000
To get your monthly pension payment , divide by 12 months .
Sh 750000 /12 =Sh. 62500 per month.
Note that this amount is subject to the current standing tax rates before the final amount is deposited into an individual account.
