After retirement - Can we take him on a retainer ship/contract basis-what are the terms & conditions?

Dear Sr,committe Members, Our comp. is situated at Pune. we are the channel partner of GRUNDFOS-Manufacturing of various Pumps.
Our comp policy. retirement age is 60 yrs. one of our Employees is completing 60 yrs in March 2020.
He is working as a Regional Manager-Sales.comp.wants to retain him for another Two yrs.
We cannot take him on Roll. as after 60 yrs, we used to take his. resignation & make full & final. we cannot Deduct his P.F.as he is entitled for Pension.
so how we can tKe him?At present his gross salary is 62,000/-p.m.
we generally use to take him As a Consultant.but reduce salary & reduce timing.only he has to attend daily.
Can we take him on a retainer ship/contract basis-what are the terms & conditions?
Kindly advice at the earliest.

You can go ahead with the proposal of taking him as Consultant with consolidated salary and timings mutually agreed between your employer and him.
But I need to mention one point, which you mentioned that we used take resignation letter from him on his retirement which is not correct, rather you can give a letter mentioning that the employee completes his service and superannuated on his attaining age of 60 years. This letter has to be given to him at least six months before of his retirement date.

To Kumaracme,
Dear sir, Thanks for your valuable advice & of course for the prompt reply. Do have any format for retainership/consultant?