Retirement Policy-need Help - Doc Download

Hello Everybody,
Recently my company is planning to make a retirement policy, I have a made a draft of it which is attached here. Please give me suggestions in this regard.
Looking forward your help
Thanks
Luza

Thanks for your comment . but can you tell me..what did u mean by unclear language, i tried to make it as simple as possible. Thats why i need your suggestion......
Best regards

Dear Luza
"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."

In my opinion there is No need of giving the maximum service length of 25 years, as suppose an employee has joined at the age of 25 years after the service of 25 years he still be 50 years of age, means he / she will retire by 50 years of age. The retirement should be at the flat age of 58/60 years.

In the heading "Entitlement of Benefits upon Retirement"
"All employees" can be replaced by "All regular employees" mentioning specifically that contract, casual, trainees employees etc category of employees are not eligibile or covered under this scheme.

Instead for asking for the option from the employee, first recommendation may be taken from the HOD, that whether the extension can be proposed for the employee or not, and also avoid using the world "RIGHT" like in the "The Right of the employee to request for reappointment".

Also avoid to use Contractual re-appointment instead "Consultant" or "Retainership" can be used.

Dear Luza,As Mr Rajeev rightly said, you can maintain the retirement age as either 58 or 60 and not based on the years of service.The clause pertain to request of an employee for extension of his service is looking odd. Probably you can remove that clause. Instead of that, you can mention that "incase services of an employee is required, the respective HOD has to give a request for extension of service for a ___ period and it will be considered subject to approval of of the Approving Authorities".In the settlement of benefits clause, you may mention that within a period of 30 or so days from the date of his retirement, the retired employee will get all the retiral benefits. Some Companies are paying on the retirement date itself. Probably you can consider this also.Regards,A B Srinivasan

Dear Srinivasan & Rajeev,
If Any comany need his retired emoloyee (after immediate retirement)services . Which type of contract we used? is it eligible to all benefits that company have given him before retirment like Anual leave Casual leave Medical etc
Sooner reply will be appericiated
Cheers
Chandan Kumar