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    Retiremnet Policy Draft

    Uploaded by

    BAla
    This document outlines the retirement policy of a company. It states that the policy applies to permanent employees who are 58/60 years old or have 25 years of consecutive service, whichever is earlier. Employees are entitled to regular benefits like provident fund and gratuity upon retirement. The retirement procedure has four stages - notice of retirement is provided one year in advance, employees can request to work beyond the retirement date within 30 days, the request is assessed within 15 days, and final settlement is completed within 30 days of retirement. The management may consider contractual reappointment of exceptionally competent employees beyond retirement age at their sole discretion, with benefits refixed and no annual appraisals.

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    © All Rights Reserved
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    Retiremnet Policy Draft

    Uploaded by

    BAla
    111 views2 pages
    This document outlines the retirement policy of a company. It states that the policy applies to permanent employees who are 58/60 years old or have 25 years of consecutive service, whichever is earlier. Employees are entitled to regular benefits like provident fund and gratuity upon retirement. The retirement procedure has four stages - notice of retirement is provided one year in advance, employees can request to work beyond the retirement date within 30 days, the request is assessed within 15 days, and final settlement is completed within 30 days of retirement. The management may consider contractual reappointment of exceptionally competent employees beyond retirement age at their sole discretion, with benefits refixed and no annual appraisals.

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    POLICY

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    This document outlines the retirement policy of a company. It states that the policy applies to permanent employees who are 58/60 years old or have 25 years of consecutive service, whichever is earlier. Employees are entitled to regular benefits like provident fund and gratuity upon retirement. The retirement procedure has four stages - notice of retirement is provided one year in advance, employees can request to work beyond the retirement date within 30 days, the request is assessed within 15 days, and final settlement is completed within 30 days of retirement. The management may consider contractual reappointment of exceptionally competent employees beyond retirement age at their sole discretion, with benefits refixed and no annual appraisals.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    111 views2 pages

    Retiremnet Policy Draft

    Uploaded by

    BAla
    This document outlines the retirement policy of a company. It states that the policy applies to permanent employees who are 58/60 years old or have 25 years of consecutive service, whichever is earlier. Employees are entitled to regular benefits like provident fund and gratuity upon retirement. The retirement procedure has four stages - notice of retirement is provided one year in advance, employees can request to work beyond the retirement date within 30 days, the request is assessed within 15 days, and final settlement is completed within 30 days of retirement. The management may consider contractual reappointment of exceptionally competent employees beyond retirement age at their sole discretion, with benefits refixed and no annual appraisals.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Retirement Policy

    Purpose
    The main purpose of this retirement policy is to state companys plan and position
    regarding staff planning up to certain age to ensure maximum productivity from each
    employee up to a certain level as well as to provide benefits to all employees after taking
    off from their regular work and enjoy life afterwards.
    Application Scope:
    This policy is applicable to all permanent employees working in ................ and comes
    into effect whenever a staff is 58/60 years old or has completed a consecutive service
    length of 25 years in the.............., which ever is earlier.
    Entitlement of Benefits upon Retirement:
    All employees shall avail regular benefits of Provident Fund, Gratuity, leave encashment
    and other admissible benefits such as per company rules and regulations.
    Stages of Regular Retirement Procedure:
    Stage 1 Notice of Retirement:
    Payroll Department will provide regular list of employees to the HR Division who are
    supposed to be under retirement policy One year ahead.
    At least 6 /12 months, before the expected date of retirement, the HR Division will write
    to the employee informing them of that date.
    The letter will also inform the employee of their right to make a request to work beyond
    that date, including the timescales for making such a request.
    Stage 2: The Right of the employee to request for reappointment:
    Upon receiving the letter from the HR Division he/she may make a request within 30
    days to work beyond their anticipated retirement date.
    The request must be made in writing to the employees Head of Department/Division,
    and should set out the clear reasons, including the valid business reason, for extending
    employment beyond the normal retirement age. The employer must also mention the
    specific period that he/she wants to work

    Stage 3: Assessment of the request:


    The written request will be considered by the Head of Department in conjunction with the
    Head of HR or their nominated representatives within 15 working days of receiving
    request note and the recommendation shall be sent to the Board of Directors for final
    approval or decision.
    The decision of the Board of the Director(s) shall be specified in writing mentioning that

    either the request has been refused


    that the request has been agreed in the terms set out by the employee that the
    request has been agreed for a shorter period than was specified by the employee,
    and stating the new retirement date.

    Stage 4: Official Settlement


    Upon completion of the duration the company will complete all necessary documentation
    for final settlement within next 30 days for the retired employee.
    Contractual Reappointment:
    The Management may consider the extension of services beyond the retirement age, if
    any employee is found to be very much competent, exceptionally good performer and the
    company can gain from the retention of valuable skills, knowledge and experience, may
    be reappointed on Contractual Basis. In that case, extension of the service, if any, shall
    be the sole discretion of the Management.
    Contractual re appointment Process:
    In case of re appointment of any employees, the company will consider the potentiality of
    that employee. He /She might be re designated or hold the same position on a contractual
    basis followed by a separate appointment letter mentioning the period of his /her job
    extended.
    The employee will be notified in this regard 30 days prior to his retirement schedule.
    Entitlement of Benefits for Contractual Employees:
    Salary and other benefits will be re fixed considering his/her present remuneration and
    designation and he/she shall not be under regular Annual Appraisal System like
    permanent employees.

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