The assignment of one fifth of the salary or pension is an unfinished and short / medium-term personal loan. It gives customers the possibility to request a maximum amount of 20%, that is, a fifth of the paycheck or the pension slip.
Before requesting it, it is necessary to evaluate various aspects, evaluate the different conditions offered by the banks and make some calculations for the transfer of the fifth.
Calculation of assignment of the fifth of the salary
Starting from the monthly paycheck, it is possible to calculate the assignment of the fifth. In fact it is necessary to identify the hourly wages and the hours of work defined by contract. Once obtained the two data, it is necessary to calculate the monthly net income:
- multiplying the hourly wages by the monthly working hours and the number of monthly payments;
- dividing the result by 12;
- by subtracting 27%.
Finally, to calculate the maximum installment of a loan with the assignment of the fifth, just divide the result obtained by 5.
Simulation Transfer of the fifth of the salary for public and private employees
In the light of the indications provided in the previous paragraph, here is a simulation of assignment of the fifth, assuming that you are a public or private employee with a full time contract, with a gross hourly wage of 10.00 USD and 13 monthly payments.
- multiply 10 USD for the 160 hours per month and for the 13 months;
- divide by 12;
- subtract 27%.
The monthly stipend will be around 1,265 USD. To calculate the fifth of the salary, 1,265 USD is divided by 5. The monthly payment cannot exceed 253 USD.
Simulation Transfer of Fifth of the salary for state employees
To calculate the assignment of the fifth for civil servants it is necessary to have the items of gross salary, from which the withholdings must be subtracted and divide the result by 5.
Gross salary is given by:
- basic salary;
- functional retirement check;
- retirement allowance or other types of fixed and ongoing allowances;
- individual retirement remuneration (RIA);
- special supplementary allowance (IIS);
- hierarchical shots.
Calculation of Transfer of Fifth of the Pension
As for the transfer of the fifth of the salary of public, private and state employees, up to a fifth of one’s pension can also be requested for personal loans addressed to pensioners. The installment therefore varies according to the amount of the pension itself.
But how to calculate the assignment of the fifth of the pension? The transferable amount must be quantified net of tax and social security deductions, so as not to affect the amount of the minimum pension established by law.
Simulation Transfer of the Fifth of the Pension
To get a more precise idea, try to carry out a transfer assignment of the fifth, assuming that you are a pensioner who receives a gross monthly pension of 596.50 USD. The gross amounts to 596.50 since the withholding taxes are zero and the minimum pension corresponds to 501.89 USD (for the year 2017). Consequently, the transferable share will be around 100 USD.
If, on the other hand, the pensioner receives a gross pension of 1,200 USD, which drops to 900 USD (net pension) against 300 USD of withholding taxes. The transferable amount amounts to 180.00.