Dear Colleagues,
We wanted to know can any organisation have its own retirement policy.Can we have a policy that in our organisation we can retire a person at the age of 50 or there is legal binding on us to observe age of 58 as a retirement age.Pls. help and explore the matter.
Thanks in advance.
Santosh Sankhe
From India,
We wanted to know can any organisation have its own retirement policy.Can we have a policy that in our organisation we can retire a person at the age of 50 or there is legal binding on us to observe age of 58 as a retirement age.Pls. help and explore the matter.
Thanks in advance.
Santosh Sankhe
From India,
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Dear Santosh,
Without knowing the full facts as to whether you are talking of workmen covered under ID Act, whether you are covered under which State Shops and Establisment Act and which category of persons the policy will relate to, it is difficult to answer.
From India, New Delhi
221Without knowing the full facts as to whether you are talking of workmen covered under ID Act, whether you are covered under which State Shops and Establisment Act and which category of persons the policy will relate to, it is difficult to answer.
From India, New Delhi
Further, pl clarify whether your organization is covered by industrial employment standing orders Act!
From India, New Delhi
From India, New Delhi
Hi Santosh,
Its completely depends upon the condition of retirement weathers its a.
1. voluntary retirement.
2. Retirement due any disability.
For private sector there are two main Acts which guides and provide post retirement benefits.
A)Employee Pension Scheme under EPF Act.
B)ESIC for any disablement.
But for Voluntary retirement you can take guidance from Industrial Dispute Act.
Shushil is right if you can clarify and expand your post on subject matter.
From Taiwan,
Its completely depends upon the condition of retirement weathers its a.
1. voluntary retirement.
2. Retirement due any disability.
For private sector there are two main Acts which guides and provide post retirement benefits.
A)Employee Pension Scheme under EPF Act.
B)ESIC for any disablement.
But for Voluntary retirement you can take guidance from Industrial Dispute Act.
Shushil is right if you can clarify and expand your post on subject matter.
From Taiwan,
ours is a pharma public limited company having plants in maharashtra and gujarat.We want to know policy about workmen,staff and manager and above category.Can we fix retirement age 50 for our group companies or we have to observe 58.hope this will clarify.
From India,
From India,
Dear Santosh,
Since your organization offices and Factories seem to be located in Mumbai and Gujarat, and these are covered under ID Act, 1947. By virus of section 38-B of the Bombay Shops and establishment Act the provisions of Industrial employment Standing Orders Act and rules framed thereunder are applicable to your offices in Bombay and as applicable to Gujarat, if it has more than 50 employees. Under para 23 of Schedule of model standing order rules, the retirement age shall be 58 years unless there is settlement or award. Thus if your organization enters into settlement under ID Act then retirement age can be 50 years. As far as Factories are concerned, Bombay Industrial Relations Act, 1946 is applicable to certain categories of employees. Under Chapter VII of it deals with model standing orders. Para 8 of schedule I deals with retirement age. Thus the settlement arrived as per Act even regard to retirement age will be applicable. As far as non-workmen or employees under Bombay industrial relations Act,
category is concerned, the mgt can frame company policy of retirement at age 50.
From India, New Delhi
Since your organization offices and Factories seem to be located in Mumbai and Gujarat, and these are covered under ID Act, 1947. By virus of section 38-B of the Bombay Shops and establishment Act the provisions of Industrial employment Standing Orders Act and rules framed thereunder are applicable to your offices in Bombay and as applicable to Gujarat, if it has more than 50 employees. Under para 23 of Schedule of model standing order rules, the retirement age shall be 58 years unless there is settlement or award. Thus if your organization enters into settlement under ID Act then retirement age can be 50 years. As far as Factories are concerned, Bombay Industrial Relations Act, 1946 is applicable to certain categories of employees. Under Chapter VII of it deals with model standing orders. Para 8 of schedule I deals with retirement age. Thus the settlement arrived as per Act even regard to retirement age will be applicable. As far as non-workmen or employees under Bombay industrial relations Act,
category is concerned, the mgt can frame company policy of retirement at age 50.
From India, New Delhi
Extension of retirement age of teachers in Maharashtra 25.2.2011.pdf
Retirement Age Calculator 58 years.xls