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Mearl
Hr Management Trainee

I have just joined the HR department s an HR Management Trainee. I have drafted a Retirement Policy for a Pharma company. I need to know if I have to delete or add anything, and also please correct me if there are any mistakes.

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File Type: pdf RETIREMENT POLICY 2018.pdf (103.1 KB, 625 views)

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Hi Mearl,
Let me appreciate your efforts in drafting the policy. As a trainee, you have done the job far than better.
Any policy should cover as much details as possible. For instance, the age eligibility can be written as, "Employees who attains the age of 58 per the date of birth recorded in HR system". At least in India, we can see duplicate date of births as the original date of birth would be something and the certificate shows the other, clarify this.
Aims can be written as "Objectives"
Any idea of early retirement? For example, an employee reaches 56 years and wants to retire, do you have any process for this?
Is it possible for you to make quick FAQs on this policy, while you try to draft FAQs you tend to ask more questions from employees point of view and thus the policy will cover vast details. Policies with FAQs will reach better to employees.
Benefits - Hope you will list the benefits that will not cease, if not please mention that, benefit entitlement details will be notified along with your retirement package email.
I appreciate the process workflow (Notification > Application > Assessment > Contractual Reappointment)
Some more details on how the compensation and benefits will be treated if employee continues to work post retirement age. Employees may ask questions related to this.
Good work,
Regards
Thiyagu
Can anyone help me what is the retirement age for private ltd company..one of the employee want to take the loan , bank is asking for the letter of 6o years retirement letter from company ..
Kindly help..
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