A contributor having a contribution period of 120 months, started in 01/01/1416 H. and left employment on 30/12/1425 H. He reached the age of 60 years, he has 3 dependent and the average salary of his service in the last two years is 10,000 SR What is the amount of his pension?
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To calculate the amount of the contributor's pension, we'll need to consider a few factors:
1. Duration of contribution: The contributor had a contribution period of 120 months, which is equivalent to 10 years.
2. Average salary: The average salary of his service in the last two years is 10,000 SR. We'll assume that the salary remained constant throughout the contribution period.
3. Number of dependents: The contributor has 3 dependents.
4. Retirement age: The contributor reached the age of 60 years.
Now, let's calculate the amount of his pension using the following formula:
Pension = (Average Salary * Contribution Period * 0.02) + (Number of Dependents * 500 SR)
Pension = (10,000 SR * 10 * 0.02) + (3 * 500 SR)
Pension = (200,000 SR * 0.02) + (1,500 SR)
Pension = 4,000 SR + 1,500 SR
Pension = 5,500 SR
Therefore, the amount of the contributor's pension is 5,500 SR.
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