Dear All,
It is indeed interesting as wellas enlightening to read so many professional advices from HR professionals.
Many definitions of Superannuation are available in various lexicons, however, the one which according to me is the most relevant is given in Section 2(r) of the Payment of Gratuity Act,1972.
"Superannuation in relation to an employee, means the attainment by the employee of such age, as is fixed in the contract or conditions of service as the age on attaining of which the employee shall vacate the employment."
Whereas, retirement as defined in Section 2(q) of the same Act, means termination of service of an employee otherwise than superannuation.
Date/ age of superannuation would entirely depend on terms and conditions of employment. It could be any period not necessarily at the age of 58 or 60 or 65.
In case of term based employees, it is immediately after expiry of the term. In case of a contract labour, it is the period of contract.
Hope above clarifies the concept of superannuation and retirement.