Retirement Age - Company Policy - CiteHR
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1. retirement age can be incrased by ammneding the either certified standing orders or the discplinary rules framed in this regard. if no such rules are there make it clear in the appointmnet letter itself.

2. there is laways risk in increasing the age of retirement.

- the slackness creeps in

- the younger generation in the hiearchy will not be happy

- even after increasing , for 2 years , at one point of time he has retire and v have to find replacement, so it is better at the earliest

= after some time, specially in the stress jobs, the people will start noticing things, ie their shrapness comes down

- there tend to be complacency or enough is enough attitude

in case people are very good, they may be taken on contract for aperiod of 1-2 years

but only in rare circumstances their services are to be utilised, otherwise the lower order will depmd upon them adn they may shift the responsobility

in my 30 years of service i have followed this;

a. if people retire. allow them to go in peace rather than extending their service

b. if people resign, relieve them immidietly rather than retaining them by giving extra

in both the above cases care should be taken that they should not go to our competetiors.

nagaraj


Can anyone tell me what is the difference between superannuation & retirement. What are the benefits given/offered both statutory & practiced.
Dear Sirs,
My Name is Kumar and I have been working as a General manager in a private limited company since year 2012. I am 58 years old and as per company policy and standing orders I will be retired on attaining 58 years of age. Will this mean that I will be retired on the day I turn 58 or after I complete my 58th year?
Due to my experience in senior management level, company wants me to continue after my retirement on contract basis. Is there a provision for such employments? If yes can some of seniors advise me about the conditions of such contract. I will be highly obliged for any and all help in this matter.
Thank you in advance.
Kumar

A simple reading of Industrial employment standing orders will give you this information that :Retirement or superannuation shall be on completion of 58 years.
There is no bar on retaining an employee on contract after retirement.
Conditions of contract can vary as per company requirement.
Generally
Contract jobs can easily save companies cost, time and money in searching for and training new employees thereby causing a paradigm shift in HR management. While offering contract jobs, employers are normally considerate of the consultants' needs and offer adequate variable and fixed bonuses, benefits for family and other allowances thereby making a contract job competitive and attractive for retired professionals.

Is there a legal implication on increasing the retirement age? As we would want to increase it to 70. What should be the procedure that we have to follow for the same.

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