How Do I Set Up a Fair Salary Structure for a 60-Year-Old Candidate Earning 2 Lacs Monthly?

vijendra-jaiswal
Please guide me on how to set up a salary structure for a 60-year-old candidate. His monthly in-hand salary will be 2 lacs.
vmlakshminarayanan
Hi, considering the age of the candidate, I suggest you hire him as a Retainer/Consultant subject to TDS rather than hiring on regular rolls.
NK SUNDARAM
There is a retirement limit for many industries and also in governments. It is expected that beyond 58 or 60, a person may not have the physical or mental ability to discharge their duties fully, considering various factors, including health. However, considering the person's technical knowledge and experience that they may provide for your organization, you can consider appointing them on a Fixed Term Contract for a year, extendable every year. This contract may not entail several benefits like PF, gratuity, etc., but while computing their salary, you can take into account the benefits they would get as a regular employee.

Best wishes
If you are knowledgeable about any fact, resource or experience related to this topic - please add your views. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone. Join To Contribute