One of our employees recently attained the retirement age of 58 (few months back). We just got to know that we need to follow certain procedures once an employee reaches retirement age. Request your kind guidance here:
- How do we inform the employee about his retirement date? Should this be recorded in email or a verbal communication with an employee will do?
- What are all the statutory requirements that we need to take care of?
- How do we handle salary process for?
- As per the advice from our statutory consultant, we need to process full and final settlement to this employee, relieve him and then hire him as consultant. Is this really needed? Can we allow him to continue as full time employee without processing any F&F? What does law say?
- Whether employee has to submit any resignation or documents?
- Also we do not have any retirement policy in place. How do we handle this situation.