Monthly amount payable to members with less than 100% of the minimum sum applicable to them in cash.
In the above table —
is the percentage of the minimum sum applicable to a member set aside by him in cash in the retirement account;
is the amount determined under the second column of the Third Schedule, which amount is derived on the basis of —
(a) the minimum sum applicable to a member being set aside, in full, in cash in the retirement account;
(b) the interest rate for the retirement account applicable on 1st July of a year for members who attain the age of 55 years between 1st July of that year and 30th June of the following year (both dates inclusive); and
(c) distributing the monthly payouts over 240 months, wherever possible.