Dear Seniors, I need your help in dealing an Employee Retirement .In our company as per policy we have 60 yrs as Retirement Age. Recently we have one employee who has completed 60 yrs. Do we have to complete his retirement formalities ? Or can we continue his employment as the employee is willing to continue his services. Are there any legal/statutory implications if we continue him in the services.
Need your valuable inputs
Thanks in advance
From India, Hyderabad
Need your valuable inputs
Thanks in advance
From India, Hyderabad
Hi,
There is no legal /statutory implications. It is up to the discretion of the employer to allow the employee to continue after 60 years. However after 58 years pension contribution to pension fund is not allowed in PF and the whole employer contribution goes to PF only.
From India, Madras
948There is no legal /statutory implications. It is up to the discretion of the employer to allow the employee to continue after 60 years. However after 58 years pension contribution to pension fund is not allowed in PF and the whole employer contribution goes to PF only.
From India, Madras
Dear Sir
Thank you for your revert. Regarding changes in PF, Do we(Employer) need to make any changes or inform any one on the contribution part or does it happen by default as the DOB of the employee is already there. Plz confirm
From India, Hyderabad
Thank you for your revert. Regarding changes in PF, Do we(Employer) need to make any changes or inform any one on the contribution part or does it happen by default as the DOB of the employee is already there. Plz confirm
From India, Hyderabad
Dear colleague,
To effect retirement on reaching the age of superannuation and continuing his association after retirement, following options can be exercised:
1. Retire the employee by issuing suitably worded letter intimating two months prior to his last date and settle all his legal dues on last day.
2. If you want his services , engage him as a Consultant on mutually agreed terms .
3. There is no bar in extending his services for certain period on existing terms.
In case of rehire on retirement, option 1&2 are widely followed in private sector.
Regards,
Vinayak Nagarkar
HR-Consultant
From India, Mumbai
To effect retirement on reaching the age of superannuation and continuing his association after retirement, following options can be exercised:
1. Retire the employee by issuing suitably worded letter intimating two months prior to his last date and settle all his legal dues on last day.
2. If you want his services , engage him as a Consultant on mutually agreed terms .
3. There is no bar in extending his services for certain period on existing terms.
In case of rehire on retirement, option 1&2 are widely followed in private sector.
Regards,
Vinayak Nagarkar
HR-Consultant
From India, Mumbai
To
Mr.Vinayak nagarkar
Thanks for your comments.one more quary is any draft letter whivh we can issued to the employee who is completing his age of superannuation.is there any draft for to him as on contract basis or consultant.can you send these draft on my mail
or jayant@multitechpumps,com
Thanks
Jayant Nisal
corporate Manager-HR/IR
7875757963.
From India, Pune
Mr.Vinayak nagarkar
Thanks for your comments.one more quary is any draft letter whivh we can issued to the employee who is completing his age of superannuation.is there any draft for to him as on contract basis or consultant.can you send these draft on my mail
Thanks
Jayant Nisal
corporate Manager-HR/IR
7875757963.
From India, Pune
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