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Retirement
The final step that can be taken for ending a contract is if the person actually retired from the job itself. These situations are advantageous for the various employers as many notices have been served in a given period of time.
It is however becoming quite rare for individuals to be working so hard for years but then retiring suddenly. The withdrawal of the person from the job similar to phasing out of plans is actually preferred by most individuals. If this is done gradually, then the retired person would also get used to having lesser amount of money as income and the employer himself has the time to prepare for the stage for the person taking charge next.
Also if this kind of arrangement is made possible, then the retired individual can even choose to work in a part time fashion after the retirement is completed. He can come to the rescue of the company when the work pressure is too high or during the holiday season when the number of employees is quite low.
Different organizations usually work a lot to ensure that remain in touch with the retired individuals. There are often arrangements of Christmas parties as well as picnics when everybody can meet each other.
The cases of premature retirement have become quite common for different employers as that would cause a thinning down of the payroll that the company puts employees on. Opportunities are also created for making some people retire and paving the way for others.
It is the nature of pensions that would be offered, are very important to determine the retirement strategy to be used. Most of the people would look forward to voluntary retirement at an earlier time provided that the money being offered is fair enough.
It is quite impossible to get those retirement pensions from the State right after reaching the designated age. Most people would look to retire in their 50s if good money is offered to them and if they find that they can now devote their time to some other activity or even start a business.
There is a great rise in the number of people who are not able to get their claims of incapacity for a very long period of time. However in the present times it is seen that one fourth of these people now gets their hands on these claims. Hence the number of people in the age group of 55-60 years has fallen down significantly from 90% to 75%. In the age group of 60-65, the numbers have fallen by a whopping 30%.
The number of women undertaking work and belonging to the above age groups has however increased. As a resultant these findings, keeping the fact in mind that population is getting aged fast and living longer, government has been considering increasing the age of claiming pension from the State to be 70.
Links of Previous Main Topic:-
- Planning jobs and people
- Strategic aspects of resourcing
- Contractors and their contracts with consultants
- Recruitment
- Selection methods and decisions
- Staff retention
- Ending the contract
- Written statement reasons
- Constructive dismissal
- Compensation for dismissal
- Wrongful dismissal
- Retirement
- Notice in ending the contract
Links of Next HR Management Topics:-
- Summary propositions ending the contract
- General discussion topics ending the contract
- Reading contract ending the contract
- Interactive skill 2 selection interviewing
- Practical exercise in selection interviewing
- Review part ii
- Part ii case study problem
- Strategic aspects of performance
- Organisational performance
- Individual performance management
- Team performance
