I realize that your query was pertaining mostly to the statutory and compliance part; however, I thought I'd make a few points to look at it from a different perspective.
Changing Perspectives on Retirement
When you attain an age like that of retirement, there is a lot of anxiety, which is mostly in the mind. I am not getting into the cultural aspects; however, I'd just say, let's replace the word "retired senior" with "Veteran" and "work" with "being engaged." Just this little thought in itself can change the whole thinking process, allowing the senior individual to bring accrued experience and wisdom to the workplace.
The Advantage of Veterans in Your Ranks
The most significant aspects of having veterans in your ranks are that they bring with them a sense of dedication and loyalty, a strong work ethic, and their own brand of fundamental core values, integrity, character, focus, discipline, and principles!
It is widely felt that veterans, during their course of professional life, would have received incredible training and performed under pressure in some of the toughest conditions. They can understand the important skills that make an organization successful. The general consideration is that veterans are professionals who, in their days as employees, were seen as high integrity professionals who achieved great things under several critical and trying conditions. They can never be underestimated.
Veterans can actually be a significant source of productivity and talent. They can add a great deal of value with their energy, which can help strengthen the leadership pipeline. Veterans can be seriously good with mission-driven projects and teamwork skills.
Challenges Companies Might Face When Hiring Veterans
The first challenge is the inability to find extremely successful hardcore professionals, and when you find them, the worrying factor is their acclimatization to people and the new environment.
They can be rigid in their thinking, not willing to easily accept what the younger generation would have to say on issues.
They could always take you back to their domain/industry experiences, which could be far too different from the present domain/industry.
One could have trouble with skills mismatch and transformation, especially their defensive stereotype thinking, which the young easily say is negative thinking.
You can't deploy them easily onto whatever you want, as you have to take several things into consideration before making the move. These could range from physical, mental, personal to professional aspects.
Veterans do have another challenge, and that's their temperament and the feeling of being the boss, just because of the number of years behind them.
Lastly, there would be the terms on which they can be employed, what they would be offered, including perks and timings, etc. Clearly, there is a gap between the recognition of veterans' strengths and the ability to develop those strengths to meet the needs of the company.
If the veteran has a significant amount of experience, he could be chosen to be a "consultant" in a similar type of industry, by which one can not only derive the benefit of his experience but also utilize the veteran's contacts and the goodwill created in the past. I've known several who were retained by textile companies, metallurgy companies, finance companies, banks, insurance, and IT too.
The ways in which they get engaged is as an "advisor," and they receive what companies call a "Consulting Fee," which will be a certain bulk sum of money paid to them monthly with a 10% TDS deduction. They will also mutually fix the timings of availability, and the fee is negotiated accordingly. The veteran will have to file IT Returns based on the expenditure incurred. The veteran is not eligible for any other deductions or benefits such as Medical Coverage, PF, Gratuity, etc., that employees receive during the course of their employment.
If one is fortunate to get the right veteran on board, then the company stands to gain enormously.
Just for you to know, and please do not misunderstand me, for you might think I am "blowing my own trumpet," I am retired for well over three years now. I have made the transition smoothly, I keep myself up-to-date on several topics, evolving all the time. I believe in being trendy, I never risk advising people, especially unsolicited, but certainly do all that is best to arouse inner spark in those who need my guidance. My nickname is "COACH," and I am held in high regard both professionally and accepted with respect as a veteran.
Trust this information will be useful.
Best wishes,
Warm regards,