Question
Download Solution PDFA man's pension on retirement from service is equal to half the average salary during the last 3 years of his service, His salary from 1-1-1983 is ₹ 380 per month, with increment of ₹ 40 due on 1-10-83, 1-10-84 and 1-10-85. If he retires on 1-1-86, what pension does he draw per month ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Salary from 1-1-1983 = ₹380 per month
Increment of ₹40 on 1-10-83, 1-10-84, and 1-10-85
Retirement date = 1-1-1986
Formula used:
Average salary for the last 3 years
Pension = 0.5 × Average salary
Calculation:
Salary from 1-1-1983 to 30-9-1983 = ₹380 per month
Salary from 1-10-1983 to 30-9-1984 = ₹420 per month
Salary from 1-10-1984 to 30-9-1985 = ₹460 per month
Salary from 1-10-1985 to 31-12-1985 = ₹500 per month
Average salary = (9×380 + 12×420 + 12×460 + 3×500) / 36
⇒ Average salary = (3420 + 5040 + 5520 + 1500) / 36
⇒ Average salary = 15480 / 36
⇒ Average salary = 430
Thus, Pension = 1/2 × 430 = ₹ 215
∴ The correct answer is option (4).
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