No Tags Found!


manpreetchawla10@gmail.com
2

Dear Seniors, I would like to know that can an employee work after his retirement age of 58 years and if can work there are more queries for that, as stated below:-
1. Will he work for us as a temporary or permanent employee?
2. Does he work for the company for on roll or for the off role?
3. Who will generate the salary for him?
4. Will his salary be mentioned with the other employee's salary or not?
And here is the condition that we have to take him at any cost, so please suggest me the compliance and statutory part for him?
Kindly advice.

From India, Delhi
anand.backelal@parker.com
196

Hi Manpreet
You can make an employee work after the age of 58. Take him as consultant - With proper Agreement should be made between him and the management with terms and condition of works,Payment.
Salary can be paid as cash vocher or Bank ( pay after deducting TDS).
If we take him as consultant - No need to take him on Payroll, no PF, bonus and other amenities.

From United Kingdom, London
manpreetchawla10@gmail.com
2

Dear Mr. Anand,
Thank you for your valueable feedback.
I want to one more thing more that can we proceed him with the same salary or we have to revised him at his completion age of retirement ?
Or Is there is an any obligation for proceeding the same ?
Thank you again, in anticipation!!
Best Regards,
Manpreet Kaur
Sr. HR Executive
Cooperate HR

From India, Delhi
anand.backelal@parker.com
196

Hi Manpreet
Their is no problem continue with the same salary ,if the employee agrees to work. As he would under go Agreement .
Have mutual discussion with the employee and tell that YOY will revise his salary.

From United Kingdom, London
manpreetchawla10@gmail.com
2

Dear Mr. Anand,
I would like to thank you for taking the time out of your busy scheduled to understand me about this point as mentioned above.
I would really appreciate your valueable inputs and discussed the same with the V.P , M.P and other seniors persons and they are also pleased to know that I try my best to figure out the solution.
Again! Thank you very much sir for your valuable time and effort.

From India, Delhi
anand.backelal@parker.com
196

Hi Manpreet
You are always welcome and as a member of citehr should help others - By sharing the Knowledge .
We too have 2 employees - whom we are continue after retirement.
If you want the agreement copy , can help you out.

From United Kingdom, London
NK SUNDARAM
581

I retired from Larsen & Toubro after 31 years of service. I was asked to continue for two more years as Consultant. The compensation calculated was 80% of last drawn salary. No other benefits are provided, unlike a regular employee . Everything is calculated and included in the compensation amount. Draw up an agreement where you should list out all his responsibilities. Being a consultant, at times the organisation may not empower the consultant to have executive powers, signing authority etc. These factors need to be discussed perhaps with a labour lawyer, as it may have legal implications.
From India
tsk.raman
353

Dear Mr. Manpreeet,

I realize that your query was pertaining to mostly the statutory and compliance part, however, I thought I'll make a few points to look at it in a different perspective.

1. When you attain an age like that of retirement, there is a lot of anxiety, which is mostly in mind. I am not getting into the cultural aspects, however, I'd just say, let's replace the word, "retired senior" with the word "Veteran" and "work" with "being engaged." Just this little thought in itself can change the whole thinking process that the senior man can bring his accrued experience and wisdom to the work place.

2. The advantage of veterans in your ranks

The most significant aspects of having veterans in your ranks is that they bring with them a sense of dedication and loyalty, strong work ethic, and their own brand of fundamental core values, integrity, character, focus, discipline and principles!



It is widely felt, that veterans during their course of professional life would have

received incredible training and have performed under pressure in some of the toughest

conditions, and so they can understand the important skills that make organization

successful. The general consideration is that veterans are professionals who in their

days as employees were taken to be high integrity professional those who have

achieved great things under several critical and trying conditions. They can never

be underestimated.

Veterans can actually be a significant source of Productivity and Talent. They can

add a great deal of value with their energy which can help strengthen the leadership

pipeline.

Veteran can be seriously good with mission driven projects and teamwork skills

But here’s the challenge: reasons companies might not hire veterans:

The first is inability to find extremely successful hardcore professional and when

you find them the worrying factor is their getting acclimatized to people and the new

environment.

They can be rigid in their thinking, not willing to easily accept what the young lot

would have to say on issues.



They could always take you back to their domain/industry experiences which could

be far too different from the present domain/industry

One could have trouble with skills mismatch and transformation, especially their

defensive stereotype thinking which young easily say is negative thinking

You can't deploy them easily on to whatever you want as you have to take several

things into consideration before making the move. They could range from physical -

mental, personal to professional.

Veteran do have another challenge and that's their temperament, and the feeling of

being the boss, just because of the number of years behind them.



Lastly would be the terms on which they can be employed, what would they be

offered including perks and the timings etc. Clearly there is a gap between the

recognition of veterans’ strengths and the ability to develop those strengths to the

needs of the company.

If the veteran has a significant amount of experience he could be chosen to be a “consultant” in a similar type of an industry, by which one can not only derive benefit of his experience, it could mean the company can use the veterans contacts and the goodwill created in the past. I've know several who wee retained by textile companies, metallurgy companies, finance companies, banks, insurance and IT too.

The ways in which they get engaged is as an “advisor” and they receive what companies call as a “Consulting Fee” which will be a certain bulk sum of money paid to them monthly with a 10% TDS deduction. They will also mutually fix the timings of availability and the fee is negotiated accordingly. The veteran will have to file IT Returns based on the expenditure incurred. The veteran is not eligible for any other deductions or benefits such as Medical Coverage, PF, Gratuity, etc that employees during the course of their employment.

If one is fortunate to get the right veteran on-board then the company stands to gain enormously.

Just for you to know, and please do not misunderstand me for you might think I am "blowing my own trumpet," I am retired for well over three years now, I have made the transition smoothly, I keep myself up-to-date on several topics, evolving all the time, I believe in being trendy, I never risk advising people, especially unsolicited, but certainly do all that is best to arouse inner spark in those who need my guidance. My nickname is "COACH" and am held in high regard both professionally, and accepted with respect as veteran.

Trust this information will be useful.



Best wishes,

Warm regards,

From India, Hyderabad
loginmiraclelogistics
1073

Dear Manpreet,
The suggestions to your queries would depend on your HR Policy. Irrespective of the policy, if you have it no problem, otherwise on the legal side there is no bar to continue him/her by extending the service conditions. However fixing his remuneration again your own discretion and the employees' acceptance. His EPF also can continue and presume not eligible for ESI & Bonus as he/she would have crossed long back. There are numerous employers who have their retirement age at 60 or even a few beyond 60 if their health permits. So you can as well extend upto 60 for the present and review to retain beyond as consultant or as contract employee beyond as you may think fit.
Whether to include in the Payroll or separately- the arrangement would depend on your decision on the above.

From India, Bangalore
manpreetchawla10@gmail.com
2

Mr. Anand, I would be highly obliged to you, if you could share the "Employment Contract After Retirement".
From India, Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.






Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.