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Early Retirement

yee
Member
Wed, 17 Jan 2018 01:38:10 PM  (Last updated: Sat, 20 Jan 2018 06:32:10 PM)

I have been working in a company for 6 years. Due to a medical condition the company informed me that they would be searching for a replacement which has now been secured. The company has treated me well during this time and have proposed a financial package for early retirement. I have 3 years remaining before the legal retirement age. Please advise me of my rights and what compensation I should be looking at.

Gon
Contributor
Wed, 17 Jan 2018 05:57:53 PM

No compensation stated in labour law for the case retirement or early retirement. Upon reaching 60 years old, your contract of service shall be terminated automatically if you have retirement clause in your contract.

Some company will offer ex gratia payment as appreciation token for the retired employee but it is depend on company discretion.

Since they offer you the package, might as well taking it and rest at home. Health > Money

However, they cant force you for early retirement.If they force and terminate you then it is another story

Quentin Gannon
Member
Sat, 20 Jan 2018 06:32:10 PM

I don't think that there is any compensation for early retirement.

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