Module 121 min2244 wordsFree — no account
Setting aside the yearly accrual and revaluing the fund
The module’s worked examples, then cases to attempt before revealing their solution · 3 sections · 334 words · 4 min
Worked example
The joinery's fund
The employee's fund at the previous 31 December stands at 10,000 €. The fixed part of the rate alone gives 10,000 × 1.5% = 150 €. The variable part adds 75% of the rise in the index applied to the same fund, which is 75 € for every percentage point of increase. The year's accrual of 2,000 € is added afterwards and takes no part in this revaluation.
Worked example
Leaving in late July
An employee on annual pay of 27,000 € leaves the business on 20 July. July counts in full, because twenty days worked clear the fifteen-day threshold. The months of service in the year are therefore seven, and the year's accrual is 2,000 € × 7 / 12 = 1,166.67 €. The revaluation of the earlier fund will use the July index.
Practical case
Accrual and revaluation for a full year
A business has one employee on the payroll for the whole year, with qualifying pay of 24,300 €. The employee's TFR fund at the previous 31 December is 8,000 €, all kept in the business. Work out the year's accrual and the revaluation of the fund, bearing in mind that the rise in the ISTAT index is a figure the business will read from ISTAT and that we call I here, in percentage points.
Hint: The accrual comes from the divisor; the revaluation has a fixed part and a part proportional to I, both applied to the earlier fund and not to the year's accrual.
Show the solution
The year's accrual is 24,300 / 13.5 = 1,800 €. The revaluation applies to the earlier fund of 8,000 € only. The fixed part is 8,000 × 1.5% = 120 €. The variable part is 8,000 × 75% × I%, that is 60 € for each percentage point of rise in the index. The 1,800 € accrual is not revalued this year: it joins the base next 31 December.
Answer: Accrual of 1,800 €; revaluation of 120 € plus 60 € per point of rise in the index
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