TSC 4 Key Benefits for Teachers Retirement in addition to Lump Sum Pension.
The Teachers Service Commission (TSC) pays the teacher (s) in service monthly salary as those who retire are also paid their retirement benefits as a way of recognizing their good work before get to retire.
Among the major benefits that the retired teachers enjoy include
1.Teacher Pension Scheme
The commission operates on a pension scheme which provides teacher with retirement benefits .
TSC calculates the teacher’s pension based on final pensionable salary and the number of years they served.
2. Gratuity benefits ;
TSC in addition to pension pays a gratuity benefits to a teacher upon their retirement.
Teacher graduity benefits are calculated based on teacher’s final pensionable salary as well as the number of years one served under the commission.
3.The Medical Cover benefits
All the TSC retired teachers are eligible for medical cover that is provided under the TSC medical scheme cover.
With this cover, the retired teacher is able to access medical services in designated hospitals accepting the scheme.
4.Group Life Insurance benefits
The retired teachers enjoy the provided TSC group life insurance cover.
According to the commission, this cover provides financial protection to the teacher identified beneficiaries in the event where the teacher dies.
What affects the TSC teacher (s) Lump sump pension retirement benefits amount
The matte of pension lump sum amount after retirement is a concern to all teachers and therefore it is important for teachers to understand what determines this payment.
The factors include;
Teacher Pensionable Emoluments
This is the total salary and allowances that a teacher used to earn before retirement from TSC.
The money includes the basic salary, the house allowance, teacher commuter allowance as well as any other allowances that are part of their regular teacher income.
2. The Pensionable Service
This is simply the number of years that a teacher has served under the TSC meaning that the longer the service period,it translates to higher the lump sum .
The Pensionable service also accounts for any leaves of absence taken by the teacher while in service.
3.The teacher’s Age at Retirement
Teacher retirement age plays a significant role in determining the lump sum amount to be paid .
It means that those retiring at an older age are able to get larger lump sum pay.
TSC 4 Key Benefits for Teachers Retirement in addition to Lump Sum Pension.
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