HOW PENSION PAYMENT IS CALCULATED AND REPORTED AT THE WORKPLACE.pptx

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Retiremement planning is important for one to live long.How long do you expect to live after retirement .Its important to know what will be the needs after retirement and will the pensin be enough to cater for all your needs. what if I save now and what if I wait abit? Financial security in retirement doesnt just happen it takes planning and and committment.

Educación

TIPS ON DOCUMENTATION AND PENSION
 ABBY ETIQUETTE AND CAREER PUESUIT

TIPS ON DOCUMENTATION AND PENSION
Introduction
How long do you expect to live after
retirement?
What will be your needs after retirement?
Will pension cater for all needs?
What if I save now?
What if I wait a bit?

Introduction- cont
• Financial security in retirement
doesn’t just happen. It takes planning,
commitment, money.
• Know your retirement needs -
maintain your standard of living when
you stop working

Retirement Needs
Basic needs
Utilities
Health scheme
Long-term care
Travel
Leisure
Dependents
Family get-togethers- etc

DOCUMENTS NEEDED FOR PENSION
PROCESSING
 Latest payslip- and others random for every
year
 Letter of 1st appointment
 Confirmation in appointment
 Promotions/ upgradings
 Confirmation of names from ministry
 Bank account- NOT JOINT
 KRA CLEARANCE

Your Income Sources
• You need at least 70-80% of your
monthly income
• Learn about your employer's
pension plan- about how much
should you expect?

PSC PENSION CALCULATION FORMULA
NO. OF MONTHS WORKED
x LAST SALARY EARNED x 20 x 12
480
Commuted (Lumpsum) = ¼ x T.E.P
Monthly= ¾ x T.E.P / (20x12)
Monthly un-commuted = T.E.P/(20x 12)
Is this enough to carry you through retirement?

 Put your savings in different types of
investments. By diversifying this way, you
are more likely to reduce risk and improve
return.
 Your investment mix may change over time
depending on factors such as your age,
goals, and financial circumstances. Financial
security and knowledge go hand in hand

Reduce your debt expenses in
retirement- clear loans before you retire
(especially if they are dependent on your
salary); have your own home- and if it’s
too big you may consider renting it out!

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