Jacob_k
Secretary
Amitmhrm
Hr Practices
Dasp06
Hrm, Ir, Labour Laws
Awvik
Service
Amit_lycos
Hr Professional
Viswanathp
Employee
Acharyatrushit
Human Resource

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Sir,
There is one employee in our organisation, who has retired yesterday and our company would like to take him as a retainer for a period of one year.
Kindly advise what is the % of salary on which we can take him. i.e. is there any rule which your company follows to keep some ex-employee as a retainer for a specified period.
I am basically more interested to know the basis of salary / retainership fee.
Kindly reply. this is quite urgent for me.....
Thanks
Rekha

From India, Delhi
Well advised by RPK..
There is no any rules behind this, may hire him on retainership at the prevailing market rates or on the base of his last drawing salary and Job criticalness.
regards,
Amit Seth.

From India, Ahmadabad
You can offer him an amount not less than his last take home salary, because he was worth it untill his retirement, and also he is a valuable resource that's why the Management wants to keep him.
Hope I make sense.
Prashant

From India, Delhi
Hi rekha, Pay him as per the market rate but whatever you give should be on a consolidated basis. Regards
From India, New Delhi
An employee can be taken in to retainer after retirement with same pay. but there will be difference in the benefits afford to him as a employee and as a retainer .
He can be continued with new agreement or appointmet letter by settling his dues F& F of his employment.
As far as pay is concerned , Lumsum amount can be paid directly. with no break ups in salary.

From India, Hyderabad
i think all have made farely clear that it has nothing to do with any percentage..it all depends upon organisation's descretion based on salary last drawn, market standard, criticality of job & efficiency of the person.
Rekha, plz share with us there is other view you have with this regard.
Regds,

From India, Mumbai
Thanks to all of you. Even i am also of the same belief. But since the question arose by my mgmt team, thus wanted to take the experienced opinions of all of you. thanks rekha
From India, Delhi
Dear All,
What about Taxation does Retainership consultancy attract any tax ? If yes, How much percentage ? I also came to know that if income exceeds some amount retainer also takes service tax no if i am not wrong
Thanks,
Trushit Acharya

From India, Ahmadabad
Yes.. retainers need to be deducted with TDS (Tax deduction at source), which i think is in tune ot 10-12% of the toal retainership fee.
Retainer, from finance & accounts angle, is like a vendor to your company. He need to submit the bill and the company needs to pay him the fee.
Regards
Amit

From India, New Delhi
the present tds deducted on retainers, is 10.3%. as rightly written by amit, he has to submit a bill for his services provided for the specified period.
From India, Delhi

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