This tool assists employees nearing the end of their careers in determining how accumulated time off due to illness can translate into additional service credit, ultimately impacting their pension or retirement benefits. For instance, a civil servant with years of unused time off may see their retirement date pushed forward, increasing their monthly annuity payments due to the added service time.
The value of this computation lies in its ability to provide a clearer picture of an individual’s retirement income and timing. Understanding the potential impact of converted time off allows for more informed financial planning during the critical transition from employment to retirement. Previously, navigating this calculation often required extensive manual work, leading to potential errors and uncertainty. The advent of these automated systems offers greater accuracy and accessibility.
