Pension Options
An Officer who qualifies for the award of a Pension may choose one of the following:
- Full Pension without the award of a lump sum Gratuity, or;
- Reduced Pension with the award of a lump sum Gratuity.
The maximum Pension paid to any officer cannot exceed 2/3rds of the annual salary. Pension is paid on a monthly basis for life.
- Pension Formula Used:
- Full Pension = final annual salary, multiplied by the number of completed (paid) months worked, divided by 720.
- Reduced Pension = 75% multiplied by Full Pension and Gratuity = 25% multiplied by Full Pension, multiplied by 10.
- Gratuity (Non-Pensionable Officers)
Permanent / Nonpermanent - paid to officers who resign / retire after completion of at least (10) years continuous monthly service. Formula Used:
4% of annual salary, multiplied by number of completed years. The period would be reduced by any service on contract or absence without pay. - Gratuity (Weekly)
Paid to nonpermanent staff who retire at age 55, age 65, or; on medical grounds, provided the employment was for at least five (5) continuous years. Formula Used:
The rate of gratuity range from 1/4th to 6/4th of the final annual salary depending on the number of years of service (i.e 5 - 30 plus years).
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