How Do Companies Calculate the Last Working Day for Retiring Employees?

I would like to know what is the accepted practice for computing the 'last day at work' for retiring employees. For example, if the employee's date of birth is 1st June 1953, and the retiring age is 60 years, does he get wages up to and including 1st June? Would it make any difference if 1st June is a Saturday, Sunday, or a weekday? (The company has a five-and-a-half-day working week).

Thanks.

In the given instance, the said employee's Last Working Day (LWD) should be May 31, 2013, and he must receive his salary up to May 31, 2013.