Principles of Management
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saudi16.docx
Retirement pension
Institutional affiliation
Date
The Retirement pension will be calculated as follows;
Q1:
1st pension
Period prior to 01/01/1422 H.
No. of previous Months: (1422-1416) x12= 72
Average salary for the last two years: 10,000 SR
3 dependents
First Pension = (10,000 SR * 72 months) / 600 = 1200 SR
240SR
2nd pension
Period after 01/01/1422 H.
No. of future Months: (1425-1422) x12= 36
Average salary for the last two years: 10,000 SR
Second Pension= (10,000 SR * 36 months) / 480 = 750 SR
Total pension = 1200+240+750= 2190SR
|
1st pension Period prior to 01/01/1422 H |
Average wages (X) Number of previous subscription months (÷) 600 |
|||
|
Average salary |
No. of previous Months |
÷600 |
3 dependents |
+20% |
|
10,000 SR |
72 |
1200 SR |
|
240 |
|
2nd pension Period after 01/01/1422 H |
Average wages * Number of months of subsequent subscription ÷ 480 |
|||
|
Average salary |
No. of future Months |
÷480 |
|
|
|
10,000 SR |
36 |
750 SR |
|
|
|
Total pension = 1200+240+750= 2190SR |
Q2:
Period AFTER 01/01/1422 H.
Average salary for the last two years: 7,000 SR
The pension for the period 01/01/1431H to 30/12/1440
Months worked: 108
Pension = (7,000 SR * 108 months) / 480 = 1,575SR (The pension will be raised to 1,983.75 S.R)
|
Pension Period after 01/01/1422 H |
Average wages * Number of months of subsequent subscription ÷ 480 |
||
|
Average salary |
No. of future Months |
÷480 |
|
|
7,000 SR |
108 |
1,575 SR |
|
|
Total pension = 1,575 SR However, the minimum guaranteed pension is 1,983.75 S.R., hence the pension will be raised to this amount |
Q3:
1st pension
Period prior to 01/01/1422 H.
No. of previous Months: (1422-1416) x12= 72
Average salary for the last two years: 10,000 SR
First Pension = (10,000 SR * 72 months) / 600 = 1200 SR
2nd pension
Period after 01/01/1422 H.
No. of future Months: (1425-1422) x12= 36
Average salary for the last two years: 10,000 SR
Second Pension= (10,000 SR * 36 months) / 480 = 750 SR
Total pension= 1200+750=1,950 SR. (The pension will be raised to 1,983.75 S.R)
|
1st pension Period prior to 01/01/1422 H |
Average wages (X) Number of previous subscription months (÷) 600 |
|||
|
Average salary |
No. of previous Months |
÷600 |
No dependent |
|
|
10,000 SR |
72 |
1200 SR |
|
|
|
2nd pension Period after 01/01/1422 H |
Average wages * Number of months of subsequent subscription ÷ 480 |
|||
|
Average salary |
No. of future Months |
÷480 |
|
|
|
10,000 SR |
36 |
750 SR |
|
|
|
Total pension = 1200+750= 1950 SR However, the minimum guaranteed pension is 1,983.75 S.R., and the pension will be raised to this guaranteed amount of 1,983.75 S.R. |
Q4:
1st pension
Period prior to 01/01/1422 H.
No. of previous Months: (1422-1417) x12= 60
Average salary for the last two years: 10,000 SR
1 dependent
First Pension = (10,000 SR * 60 months) / 600 = 1000 SR
1 dependent = 100SR
2nd pension
Period after 01/01/1422 H.
No. of future Months: (1426-1422) x12= 48
Average salary for the last two years: 10,000 SR
Second Pension= (10,000 SR * 48 months) / 480 = 1000 SR
Total pension= 1000+1000+100=2100 SR
|
1st pension Period prior to 01/01/1422 H |
Average wages (X) Number of previous subscription months (÷) 600 |
|||
|
Average salary |
No. of previous Months |
÷600 |
1 dependent |
+10% |
|
10,000 SR |
60 |
1000 SR |
|
100 |
|
2nd pension Period after 01/01/1422 H |
Average wages * Number of months of subsequent subscription ÷ 480 |
|||
|
Average salary |
No. of future Months |
÷480 |
|
|
|
10,000 SR |
48 |
1000 SR |
|
|
|
Total pension = 1000+100+160= 2100 SR |
Q5
1st pension
Period prior to 01/01/1422 H.
No. of previous Months: (1422-1418) x12= 48
Average salary for the last two years: 10,000 SR
3 dependents
First Pension = (10,000 SR * 48months) / 600 = 800 SR
160SR
2nd pension
Period after 01/01/1422 H.
No. of future Months: (1427-1422) x12= 60
Average salary for the last two years: 10,000 SR
Second Pension= (10,000 SR * 60months) / 480 = 1250 SR
Total pension= 800+1250+160=2210 SR
|
1st pension Period prior to 01/01/1422 H |
Average wages (X) Number of previous subscription months (÷) 600 |
|||
|
Average salary |
No. of previous Months |
÷600 |
3 dependents |
+20% |
|
10,000 SR |
48 |
800 SR |
|
160 |
|
2nd pension Period after 01/01/1422 H |
Average wages during the last two years of the entire subscription period * Number of months of subsequent subscription ÷ 480 |
|||
|
Average salary |
No. of future Months |
÷480 |
|
|
|
10,000 SR |
60 |
1250 SR |
|
|
|
Total pension = 800+1250+160= 2210 SR |
Reference
General Organization for Social Insurance (GOSI). (n.d.). https://www.gosi.gov.sa/en
