1. Difference between Premature Retirement and Compulsory Retirement and its effect on retirement benefits 2. Termination from service and its effect on retirement benefits
From India, Faridabad
From India, Faridabad
Your queries are answered below:
1. Difference between Premature Retirement and Compulsory Retirement and its effect on retirement benefits
Premature retirement and compulsory retirement are the opposites. Premature retirement is when the employee before reaching the age of superannuation seeks retirement from service and compulsory retirement is when the employer decides to retire the person. In both the cases all the normal retirement benefits like full leave encashment, wage revision benefit etc., are given.
2. Termination from service and its effect on retirement benefits:
Statutory benefit like PF has to be made in all cases of termination of service, gratuity can be withheld partly or fully in termination of service where the preconditions are met. For leave encashment different organisations have different rules, in normal retirement cases all leave benefits like EL/PL/AL & sick leave/Half Pay Leave standing to the credit of the employee on the day of retirement are encashed, but in other cases Sick leave or HPL are not encashed at all. Where the wage revision happens later than termination of service but is with retrospective effect, the retired employees are given all the benefit for their period of service.
The organisation has to lay down its rules properly with regard to such incidents of service, as it varies from organisation to organisation
From India, Mumbai
15341. Difference between Premature Retirement and Compulsory Retirement and its effect on retirement benefits
Premature retirement and compulsory retirement are the opposites. Premature retirement is when the employee before reaching the age of superannuation seeks retirement from service and compulsory retirement is when the employer decides to retire the person. In both the cases all the normal retirement benefits like full leave encashment, wage revision benefit etc., are given.
2. Termination from service and its effect on retirement benefits:
Statutory benefit like PF has to be made in all cases of termination of service, gratuity can be withheld partly or fully in termination of service where the preconditions are met. For leave encashment different organisations have different rules, in normal retirement cases all leave benefits like EL/PL/AL & sick leave/Half Pay Leave standing to the credit of the employee on the day of retirement are encashed, but in other cases Sick leave or HPL are not encashed at all. Where the wage revision happens later than termination of service but is with retrospective effect, the retired employees are given all the benefit for their period of service.
The organisation has to lay down its rules properly with regard to such incidents of service, as it varies from organisation to organisation
From India, Mumbai
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