No labour law in India has regulated the retirement age by fixing a particular age beyond which an employee should not work. Even in Employees provident Fund and Misc Provisions Act, there is no retirement age though under the Pension schemes, a retirement age, ie, 58 is given.
In the absence of standing orders or service rules, normally the appointment letter will lead you to retirement age. Haridas being in managerial capacity, his service conditions will be governed by service rules as applicable to managers or the appointment orders. Giving extension is also purely a management prerogative and no employee shall demand that his service should be extended and that also in the manner in which he thinks. If the management is ready to give extension he can take it and the remuneration that the company may offer need not necessarily be the same or with similar benefits that are available to other employees. As such if the management would like to give extension after paying the gratuity and other retirement benefits then extended period of service will be purely on a revised service rules. Again there is no hard rule which states that all employee should have equal service rules but there can be different service conditions to different category of employees. As such there can be a fixed term appointment for 1 year or 2 years for those who have crossed 60 years of age. For them there can be a condition that PF will not be contributed since they should have already withdrawn the PF accumulations and would be PF pensioners. There will not be any illegality in excluding such an employee from PF.
In short, extension of service is purely an offer from the management with service conditions attached to it. It can be similar to on roll employees or can be different. If the management choses the first one, good, you are lucky to have an extension with all benefits and in case the management decides that a new appointment shall be given after settling the dues like gratuity and allowing the employee to have his PF accumulations and pension, then it can be without PF benefits.
Now, in the latter case also, if the employee works for another five years, then he will again be eligible for gratuity because there is no age bar or limitations for the manner appointment as to regular or fixed term under Payment of Gratuity Act.
With regard to Bonus, again the company can have two policies, one for the regular employees and another for those working under contracts. If the management restricts payment of bonus to the latter section of employees as per Payment of Bonus Act, then you can not demand it if your bonus qualifying salary is more than Rs 21000 per month. There can be a different settlement as applicable for on roll employees but very rarely there can be a a similar one for others.
Madhu.T.K