Self-Employed NSmen – Average Income Option
Scenario | Calculations |
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Insurance agent, attending a High-Key ICT Period of NS Activity: 3 to 14 Oct 2022 Calendar days for NS Activity: 12 days Total number of calendar days in Oct: 31 days
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Calculation (Figures used are for illustration purposes only) Service Pay (SP) (Based on Calendar Days) Monthly SP: $990 SP for NS Activity period: $990 x (12/31) = $383.23 Claimable Average Monthly Income (based on earnings from April to September 2022) 1st year commission - $2,000 Production commission - $1,500 Bonus - $400 General insurance commission - $250 Single premium commission - $350 Personal accident commission - $100 Total Claimable Average Commission - $4,600 Expenses: $2,000 Claimable Income = (Claimable Average Commission – Expenses) + (Computed Loss in Renewal Commission: 42% of 1st Year Commission) Claimable income = ($4,600 – $2,000) + (42% x $2,000) = $3,440 Civilian Income Loss – Based on Calendar Days Civilian Income Loss for NS Activity Period = $3,440 X (12/31) = $1,331.61 Make-Up Pay = Civilian Income Loss – SP MUP = $1,331.61 – $383.23 = $948.38 |