26th July 2018 From India, Chennai
If the management decides to extend the services , on retirement, of a current 'associate' (try avoiding terms like employee / staff ) so be it.
After the complete settlement of all his dues and payments of retirement benifits, a new contract will be signed between the two parties , laying down ALL the renewal terms and conditions - including compensation - this will be entirely professional and ethical.
The management needs be appreciated for such an offer.
Arif ur Rehmans
27th July 2018 From Pakistan, Karachi