Calculate the eligible portion of the retiring allowance

Reference no: EM132781241

Problem 1: Fred has worked for an advertising company in British Columbia since May 5, 1986. His employment was terminated on August 31, 2019, and he was paid a $47,000.00 retiring allowance. His company did not have a pension plan, a pension fund or a deferred profit sharing plan. Calculate the eligible portion of the retiring allowance based on Fred's service.

Select one:

Option 1: Eligible portion =$22,500.00
Option 2: Eligible portion =$26,500.00
Option 3: Eligible portion =$28,500.00
Option 4: Eligible portion =$24,500.00

Reference no: EM132781241

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