Labour law - Can an organisation under factories act have 2 retirement age policy for senior and junior executives?

Dear Shiva thanks for your help. But that dint not suffice my query. Having 2 different retirement age in an organising of 40 employees. And not following uniform retirement age of one

In a company with only 40 people, standing orders do not apply.
Shop & Establishment act does not specify retirement age.

You can have different age limits, in fact, you can give different retirement age to each of your employee in your appointment letters if you wish (but please don't!). There is no legal restriction on the age as such. In your employee manual, you can put what you want (as long as it is fair)

However, having multiple age of superannuation has its own problems. One, for example, what happens when a person from junior cadre comes to senior cadre? Will he suddenly be forced to work for 3 years extra? What if he doesn't agree and wants to still retire at 60? you may have a problem (IR and legal) in such a case.

Perhaps its easier to have a single retirement age and then give specific extensions to those who want it.

Thank you Saswata for your prompt help. Is there any way being an hr of the organisation i can make the MD understand to follow uniform one retirement age. As 2 of our directors are labour law consultant. And they strongly are in favour of two different retirement age policy as our age succession rate is very bad in term of senior level