Retirement Policy Mandatory Or Not ???

Hello All,
I am working in an IT company as HR Generalist from last 6 yrs. I want to know that Retirement policy is Mandatory in company or not ???
If mandatory than what will be the retirement age ??
Please confirm asap.
Thanks in advance
Divya

Dear Divya ji,
My simple and specific answer to you as under:
Whether the retirement policy is mandatory or not, it is very much essential so as to have clarity in subject and there remains no ambiguity in the mind of any body.

No labour law prescribes retirement age.But unless age of retirement/superannuation is not mentioned in contract of employment between employer and workmen ,such termination by employer will be retrenchment. Hence superannuation policy is a must.
Varghese Mathew
9961266966

Dear Divya,
You will find all the reference material to arrive at your conclusion. However, do ponder on few questions , when an employee spends best of his/her waking hours at an organisation, how are you planning for their growth and development? With this, we intend the growth that goes beyond training and promotion.
Every individual will grow through their life cycle. How as an employer are you planning your processes, so that you address that holistic growth? When you design the compensation what are you paying the employee, address the areas you acknowledge. Looking forward to know more about this initiative of yours and its progress.
Wish you all the best !