Hi, One of our employees, who is a senior member of our organization, is going to retire by October 2023. However, we need his services to continue further. Please guide me on the procedure to be followed to ensure that we do not deviate from any statutory requirements. Thank you.
From India, Coimbatore
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From India, Coimbatore
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Hire him as a consultant on a fixed remuneration for one or two years. Normally, 80% of the last total remuneration is paid as consultancy charges. Your letter should list out his role and responsibilities, to whom he will report, etc. He won't be in regular roles of the company, and no PF, etc., are deducted. Tax will be deducted as applicable for the consultant.
Best wishes
From India, Bengaluru
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Best wishes
From India, Bengaluru
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Statutory Compliance of a Industrial or Commercial Unit.xls
Statutory-compl iance.pdf
Statutory Compliance.zip