An employee shall retire from the service of the company upon attaining the age of 58 years. What is the meaning of this? Does it mean the day of retirement shall be the last day of completing 57 years, i.e., one day prior to the birthday when 57 years are completed, and on the next day, the 58th year shall start? Or, is it the last day of completing 58 years, with the next day marking the start of the 59th year? Which option of the above is legally correct?
From India
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From India
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Hi, strictly speaking, the completed age should be taken into consideration, and accordingly, the last day of 58 years should be the official retirement date. Also, please note that retirement age differs from organization to organization, and mostly the common practice is to follow the retirement age criteria mentioned in their service rules or Standing Order.
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1015From India, Madras
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Your queries are answered below seriatim:
Retirement Age Clarification
(1) It means the day of retirement shall be the last day of completing 57 years, as the Rules state that "An employee shall retire from the service of the company on attaining the age of 58 years." It does not state that the employee shall retire on completion of 58 years of age. Indeed, the day prior to the 58th birthday, 57 years are completed, and thereafter the employee is 58 years + 1, 2, 3, ... days of physical existence. This is the accepted methodology for calculating age. There is a significant difference between "attaining" and "completing" 58 years.
Interpretation of Rules
(2) The quoted Rules are not implying that the retirement shall be on completing 58 years.
From India, Mumbai
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Retirement Age Clarification
(1) It means the day of retirement shall be the last day of completing 57 years, as the Rules state that "An employee shall retire from the service of the company on attaining the age of 58 years." It does not state that the employee shall retire on completion of 58 years of age. Indeed, the day prior to the 58th birthday, 57 years are completed, and thereafter the employee is 58 years + 1, 2, 3, ... days of physical existence. This is the accepted methodology for calculating age. There is a significant difference between "attaining" and "completing" 58 years.
Interpretation of Rules
(2) The quoted Rules are not implying that the retirement shall be on completing 58 years.
From India, Mumbai
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SAMPLE Employee Attrition Calculation sheet for FY 09-10 .xls