ayush ppt hrm.pps

8/10/2019 ayush ppt hrm.pps

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RETIREMENT : RETIREMENTTermination of a service of an

employee other than onsuperannuation. Types of

retirement Forced RetirementPremature Retirement

Compulsory Retirement Voluntary


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Retirement is the point where a person stops employment completely.[1][2] A person may alsosemi-retire by reducing work hours.

Many people choose to retire when they are eligible for private or public pension benefits,although some are forced to retire when physical conditions no longer allow the person to workany more (by illness or accident) or as a result of legislation concerning their position.[3] In mostcountries, the idea of retirement is of recent origin, being introduced during the late 19th and early20th centuries. Previously, low life expectancy and the absence of pension arrangements meant

that most workers continued to work until death. Germany was the first country to introduceretirement, in 1889.[4]

Nowadays most developed countries have systems to provide pensions on retirement in old age,which may be sponsored by employers and/or the state. In many poorer countries, support for theold is still mainly provided through the family. Today, retirement with a pension is considered aright of the worker in many societies, and hard ideological, social, cultural and political battleshave been fought over whether this is a right. In many western countries this right is mentioned innational constitutions.

In professional sports retirement refers to a player ceasing to play professionally, even if theydecide to stay in the sport by becoming a coach. Some players will retire only from internationalselection so they can concentrate on playing for their club.


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1.FORCED RETIREMENT : Employee

violate rules of organisation as mentioned

in the standing orders. such employees

are forced to retire from their services

before the age of superannuation.


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PREMATURE RETIREMENT : Employeebecome disable due to disease, illness,accident. Due to personal problem employee does not perform job.Management may give him the option ofretirement. Also, some organisations givethis option when employee complete 15-20 years of service


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COMPULSARY RETIREMENT : Thisinclude the inclusions of terms oftermination of employment in the contract.E.g. Defence after 15 yrs of service,person has to retire from his post.


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VOLUNTARY RETIREMENT : GOLDENHANDSHAKE SCHEME Voluntaryseparation of an employee completingcriteria Employee age 40+ yrs Employeeservice min 10 yrs Company has to takeprior permission of government beforeoffering GHS. Management has right toaccept or reject the application for VRS.Reasons for VRS Reduce burden ofunproductive employees. Downsizing.Change in technology RecessionTakeover, Merger, Joint Venture.


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Step 1

Retirement Notice and Application

Approximately 90 days before your planned retirement date, you should contact your RetirementCoordinator. The coordinator will assist you in completing a Retirement Notice and Application.This is the document used to select your retirement options or plans.

OPERS retirement dates are always the first day of a given month. Your completed applicationmust be received in the OPERS office in Oklahoma City at least sixty (60) days before yourretirement date (see Dates and Deadlines). Exceptions to the 60-day requirement can be grantedonly through a formal waiver granted by the OPERS Executive Director. Good cause, such ashealth problems or unforeseeable emergency, must be shown before the Executive Director willgrant a waiver.

NOTE: It may be the case you are eligible for either early or normal retirement at the time youremployment terminates. OPERS requires notice of your intention to retire at least 60 days prior to

your retirement date. In some cases, you do not have 60 days before your employment ends inwhich to notify OPERS. In such cases, you have two choices.

You may seek to have the Executive Director waive the 60-day notice requirement; or,

You may, at the time your employment terminates, elect a vested benefit and then give notice toOPERS of your intention to retire.


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Step 2

Acknowledgement and Paperwork

After receiving the Retirement Notice andApplication, OPERS will send you anacknowledgment letter along with a DirectDeposit form for you to complete and

return. If documents such as birthcertificates, divorce decrees, etc. areneeded for processing of your applicationfor retirement, they will be requested at

that time. You must respond as quickly as


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Step 3

Preliminary Benefit Statement

A Preliminary Benefit Statement will bemailed to you prior to your effectiveretirement date. This letter will provide thefollowing:

An accounting of your total service creditin OPERS;

An estimate of your gross monthly benefitamount

Documents

ayush ppt hrm.pps