Neco Model Questions Vol1 2024 Civic Education Question 21
Practice objective / multiple choice question 21 from the 2024 Neco Model Questions Vol1 Civic Education examination.
An entry‑level civil servant started with a basic annual salary of ₦1,200,000. Each subsequent year the basic salary is increased by (5\%) of the previous year's basic salary. In addition, at the end of every year a performance bonus equal to (2\%) of that year's basic salary is added to the pensionable earnings for that year. The pension payable at retirement is (8\%) of the average of the pensionable earnings of the last three years of service. After completing five years of service, what is the annual pension (in naira, rounded to the nearest naira)?
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About This Question
This is Neco Model Questions Vol1 2024 Civic Education Question 21. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Civic Education examination.
Difficulty level: Medium .
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