Company is under lockout for 5 months - Age is 54 years. is it good to resign?

I have worked for 25 years in an LTD. company, and at present, my company is under lockout for 5 months. I would like to resign from my job as I am 54 years old. Is it advisable to resign, or should I seek employment elsewhere to complete my full service of 58 years? I am finding it challenging to secure a new job at this stage in my career. How many years of my service will be considered for the pension scheme, and will a bonus of 2 years be added to my 25 years of service? I kindly request suggestions on what I should do. Thank you.

I have worked for 25 years in a Ltd. Co., and at present, my company is under lockout for 5 months. I would like to resign from my job, and I am 54 years old. Is it good to resign, or do I have to join somewhere else to complete my full service of 58 years? I am not able to find a new job at this age. How many years of my service will be calculated for the pension scheme, and will a bonus of 2 years of service be added to my 25 years of service? I request all to kindly suggest what I should do. Thanks.

As per your post, you have already put in 25 years of service in a Limited Company, and presumably, you are a member of PF as well. Therefore, your pensionable service will be 25 years.

As you are only 54 years of age, you may try to obtain a scheme certificate from PF authorities and keep it with you. Once you complete 58 years of age, you can submit your SC and get full pension. (Even now, you can apply for a pension, but it will be at a lesser rate).

Regarding your other query, that is, whether it is good to resign from the limited company where you have put in 25 years of service or you have to join elsewhere, is purely your cup of tea, and you have to make the decision on this.

As Mr. Nair said, What you do with your career going forward is something you need to decide. Someone can help you make a decision if they know you intimately and understand all the circumstances. We on this forum don't have the information to guide you on it.

Just look at the pros and cons of each decision you can take.

If you stay on and the company revives, you will be a part of it again. If not, what do you lose? If you leave, you can join somewhere else or take up consulting work for clients, which you can't do if you continue to work there. Think of all options and which one benefits you most. Don't worry about if the decision is right, as you do not have a way to predict the future. Just make the decision based on what you know now and be dynamic.