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Snehaa6
2

Dear Senior’s, Good Morning. In our company retirement age is 58 and one of our employee is completing it in 15 March 2023. Please suggest what would be the process.
From India, Delhi
vmlakshminarayanan
919

Hi,

As he attaining 58 years by 15.3.23 keep him posted about his retirement on said date. Get his FFS ready. Organise for a small function.. Sr official can give a speech about his contribution to the company about his hard work etc.. Give a opportunity to the concerned employee as well.... Conclude the session with gift, issue FFS cheques and finally distribute some snacks.. Concerned employee's dept HOD along with colleagues can drop him at home.

Alternatively if company is planning to utilize his services as Consultant then no need for eloborate process... Employee can be fixed some consolidated salary subject to TDS..

From India, Madras
Madhu.T.K
4193

Normally, when the retirement date falls before the end of a month, say 15th March, then the actual retirement will be on the month end, ie, 31st March.
From India, Kannur
NK SUNDARAM
578

In L&T, where I worked for 33 years and retired, one message goes to the HOD one year in advance to facilitate succession planning. Then six months before the due date, formal retirement letter, with formats for NOCs from various departments, forms for signing of PF Settlement, permanent address post retirement etc are sent by the HR Department. On the last date, there will be a farewell party in a formal manner. For Consultant role, there will be a brief break after retirement for commencing consultant role, which too I underwent for two years.
From India
nathrao
3131

Scheduled retirement

Have a succession plan ready- who will take over his duties
Have a ready working out of all his entitlements-gratuity,PF etc
Get all forms filled and kept ready or forwarded to concerned agencies dealing with financial benefits.
If retaining him, post retirement on contract, have the terms and conditions discussed and kept ready.
Basically make exit smooth and reboarding in case of contract equally smooth and covered with adequate paperwork.
Farewell party etc are normal if it is part of company culture.

From India, Pune
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