AnonymousHi Guys, I wanted to draft a retirement policy, I have point available can anyone please guide me to draft it in a professional and accurate way.
Employees on superannuation on 1st April after 60th birthday
Employees not on superannuation, 1 day before their 60th birthday
Call self, spouse, and children for a send-off party
Send vehicle to pick up and drop
Give gift coupon on 10000 to employee and 5000 to spouse
Chocolate hampers to children during a send-off party
Inform 1 year in advance
Handover starts based on the criticality of position but normally it completes in maximum of 90 days
Mediclaim up to the age of 75 to employee & spouse, the complete premium is paid by the company, coverage continues for spouse even if the employee expires before the age of 75
LIC consultant talks to employee & spouse regarding financial planning
Agency do mental & health wellness session with employee & spouse
If the skill set is not available in the company or the transition is going to take a longer time then the employee can be appointed as retainer maximum for 1 year
Manny Thanks in advance
From India, Thane
Retirement - The magic word which is a great recognition and warm respect given to a Talent who completes the total service.
Lot of good thoughts have gone in in your process given in your note. Few additions worth to consider are given below:
1. One year advance notice to the Talent before the Retirement, then 6 months notice and 3 months notice and last one month before an appreciation letter and reminder indicating his date of retirement
2. As a good practice Home Visit on the day of giving last letter before one month and also hand over the calculation sheet of F&F tentative subject to finalization etc.
3. My personal suggestion engaging them as Retainer for one more year need not be part of Retirement Policy but have a separate policy " Appointment of Retainers" as a subject itself and no need to commit in the Retirement Policy
4. Wellbeing program for the Talent who is retiring during the last 6 months focusing on Physical, Mental well being. If affordable for the family
5. Now a days the Employees' Provident Fund Organization is giving the Pension Order on the last day of working and you may institutionalize such practice of giving F&F Cheque on the last day
6. Invite all Key Talents for a family get-together on any one day during last week of retirement for an experience sharing and dinner like
7. Provide post retiral medical kit / insurance support and help line numbers personally after giving full briefing
8. Gift Coupon is a good idea but exercise cautiously as if you want to discontinue later it leads to grievance for other talents
9. A collection of good photos from his career is prepared as an Album and handed over to his Spouse.
10. Mainly focus on Health / post Medical care/ Settlement of Pension and retiral benefits on time, give good care and honour for the long service rendered in front of family and other key talents
Otherwise good thought from you and have a second thought on the financially impacting aspects with long term focus. A policy once implemented should not be withdrawn or discontinued abruptly hence have a strong policy in place with long term focus.
Caution : Kindly avoid over doing and over commitment out of enthusiasm but put long term thought.
All the Best and God bless,
Doctor Siva Global HR
From India, Chennai