How to Calculate Pension for Retired Employees in Bangladesh।।Penson, Gratuity, Lam grandNew Rules

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In this video I show an employee's how to calculate easily Lamgrand, Gratuity and monthly pension.

Retirement Benefits

Retirement is the withdrawal from one’s occupation or from active works. According to one author, ‘retirement is a time when people move from certain roles and seek other roles’.The retirement benefits are provided to the retired employees of the government and parastatal organizations. A retired public servant is entitled to a number of benefits at retirement.

1. Lamgrand

Which is available at the beginning of the pension or PRL. However, it depends on the person who owes the holiday as much as the number of months owed to get the basics of the month together is the name of Lam grand. However, it is not more than 18 months at most.

1. Leave Preparatory to Retirement (LPR)

This is admissible to a retired public servant. The period of such leave may extend to beyond the date of retirement but not beyond the completion of the Sixty year of age and if s/he proceeds on such leave before the date of his/her retirement, his/her retirement shall be effective on the expiry of the leave.

2. Gratuity

The government presently allows gratuity to the retiring person up to 90% of the emoluments of the retiree after his/her completing 25 years of pensionable service. Presently a retired public servant is allowed a gratuity in lieu of 50% of his gross pension which s/he surrenders compulsorily at the rate of Tk 230 for one taka. S/he is also allowed to surrender the remaining 50% of his/her gross pension at the rate of Tk. 100 for one taka.
3. Monthly Pension

The money that government employees receive every month after retirement is called pension. The facilitators are pension are following act.
i. The retiring employee shall nominate one or more members of his/her family as successor
for the pension. In the absence of nomination the method of nominating successors for
his/her family pension and gratuity shall be as follows:
a. in the case of male employee, his wife/wives
b. in the case of female employee, her husband
c. children of the deceased
d. the widowed wife/wives and children of the deceased son of the deceased employee If the above successors are not available, the following relatives of the deceased employee shall be considered as heirs for pension and gratuity:
a. Brother of less than 18 years of age
b. Unmarried and widowed sister
c. Father
d. Mother
Mention is made here that if the wife of the deceased employee does not remarry, she will be entitled to such pension. But if she enters into remarriage, she will not be entitled to such pension.

The retirement issue is mainly relates to those who are in job situation and the retirement and the retirement is public service is 59 years. Pension system in Bangladesh is mainly observed in government services. The
pension issues are settled according to the rules of the Public Servants (Retirement) Act of 1974. There are four categories of pensions which have been elaborated and analyzed in the paper.

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