Hi,
I wanted to draft a retirement policy. I have points available. Can anyone please guide me to draft it in a professional and accurate way?
- Employees on superannuation on 1st April after their 60th birthday.
- Employees not on superannuation retire 1 day before their 60th birthday.
- Call self, spouse, and children for a send-off party.
- Send a vehicle to pick up and drop.
- Give a gift coupon of 10,000 to the employee and 5,000 to the spouse.
- Provide chocolate hampers to children during the send-off party.
- Inform 1 year in advance.
- Handover starts based on the criticality of the position but normally completes within a maximum of 90 days.
- Mediclaim coverage up to the age of 75 for the employee and spouse; the complete premium is paid by the company, and coverage continues for the spouse even if the employee expires before the age of 75.
- A LIC consultant talks to the employee and spouse regarding financial planning.
- An agency conducts mental and health wellness sessions with the employee and spouse.
- If the required skill set is not available in the company or the transition is expected to take a longer time, the employee can be appointed as a retainer for a maximum of 1 year.
Many thanks in advance.
From India, Thane
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I wanted to draft a retirement policy. I have points available. Can anyone please guide me to draft it in a professional and accurate way?
- Employees on superannuation on 1st April after their 60th birthday.
- Employees not on superannuation retire 1 day before their 60th birthday.
- Call self, spouse, and children for a send-off party.
- Send a vehicle to pick up and drop.
- Give a gift coupon of 10,000 to the employee and 5,000 to the spouse.
- Provide chocolate hampers to children during the send-off party.
- Inform 1 year in advance.
- Handover starts based on the criticality of the position but normally completes within a maximum of 90 days.
- Mediclaim coverage up to the age of 75 for the employee and spouse; the complete premium is paid by the company, and coverage continues for the spouse even if the employee expires before the age of 75.
- A LIC consultant talks to the employee and spouse regarding financial planning.
- An agency conducts mental and health wellness sessions with the employee and spouse.
- If the required skill set is not available in the company or the transition is expected to take a longer time, the employee can be appointed as a retainer for a maximum of 1 year.
Many thanks in advance.
From India, Thane
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Dear Colleague,
Retirement - The magic word which is a great recognition and warm respect given to a Talent who completes the total service.
A lot of good thoughts have gone into your process as given in your note. Few additions worth considering are given below:
1. One year advance notice to the Talent before the Retirement, then 6 months notice, 3 months notice, and lastly one month before an appreciation letter and a reminder indicating his date of retirement.
2. As a good practice, a Home Visit on the day of giving the last letter before one month and also handing over the calculation sheet of F&F tentative subject to finalization, etc.
3. My personal suggestion is to engage them as a Retainer for one more year, which need not be part of the Retirement Policy but could have a separate policy "Appointment of Retainers" as a subject itself, and there is no need to commit in the Retirement Policy.
4. A Wellbeing program for the Talent who is retiring during the last 6 months focusing on Physical and Mental wellbeing, if affordable for the family.
5. Nowadays, the Employees' Provident Fund Organization is giving the Pension Order on the last day of working, and you may institutionalize such a practice of giving F&F Cheque on the last day.
6. Invite all Key Talents for a family get-together on any one day during the last week of retirement for an experience sharing and dinner.
7. Provide post-retirement medical kit/insurance support and helpline numbers personally after giving a full briefing.
8. A Gift Coupon is a good idea, but exercise caution as discontinuing it later may lead to grievances for other talents.
9. A collection of good photos from his career is prepared as an Album and handed over to his Spouse.
10. Mainly focus on Health/post-Medical care/Settlement of Pension and retirement benefits on time, give good care, and honor for the long service rendered in front of family and other key talents.
Otherwise, good thoughts from you, and have a second thought on the financially impacting aspects with a long-term focus. A policy once implemented should not be withdrawn or discontinued abruptly; hence, have a strong policy in place with a long-term focus.
Caution: Kindly avoid overdoing and overcommitment out of enthusiasm but put long-term thought.
All the Best and God bless, Dr. P. SIVAKUMAR Doctor Siva Global HR Tamil Nadu
From India, Chennai
Acknowledge(0)Amend(0)
321Retirement - The magic word which is a great recognition and warm respect given to a Talent who completes the total service.
A lot of good thoughts have gone into your process as given in your note. Few additions worth considering are given below:
1. One year advance notice to the Talent before the Retirement, then 6 months notice, 3 months notice, and lastly one month before an appreciation letter and a reminder indicating his date of retirement.
2. As a good practice, a Home Visit on the day of giving the last letter before one month and also handing over the calculation sheet of F&F tentative subject to finalization, etc.
3. My personal suggestion is to engage them as a Retainer for one more year, which need not be part of the Retirement Policy but could have a separate policy "Appointment of Retainers" as a subject itself, and there is no need to commit in the Retirement Policy.
4. A Wellbeing program for the Talent who is retiring during the last 6 months focusing on Physical and Mental wellbeing, if affordable for the family.
5. Nowadays, the Employees' Provident Fund Organization is giving the Pension Order on the last day of working, and you may institutionalize such a practice of giving F&F Cheque on the last day.
6. Invite all Key Talents for a family get-together on any one day during the last week of retirement for an experience sharing and dinner.
7. Provide post-retirement medical kit/insurance support and helpline numbers personally after giving a full briefing.
8. A Gift Coupon is a good idea, but exercise caution as discontinuing it later may lead to grievances for other talents.
9. A collection of good photos from his career is prepared as an Album and handed over to his Spouse.
10. Mainly focus on Health/post-Medical care/Settlement of Pension and retirement benefits on time, give good care, and honor for the long service rendered in front of family and other key talents.
Otherwise, good thoughts from you, and have a second thought on the financially impacting aspects with a long-term focus. A policy once implemented should not be withdrawn or discontinued abruptly; hence, have a strong policy in place with a long-term focus.
Caution: Kindly avoid overdoing and overcommitment out of enthusiasm but put long-term thought.
All the Best and God bless, Dr. P. SIVAKUMAR Doctor Siva Global HR Tamil Nadu
From India, Chennai
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