Retirement and Re-employment
Retirement and Re-employment: Sample Clause 1
- In accordance with the Retirement and Re-Employment Act, the Company shall provide re-employment to retiring staff subject to the following:
- Staff must have at least satisfactory work performance; and
- Staff must be medically fit to continue working.
- The Company in consultation with the Union shall provide pre-retirement planning and re-employment counselling for retiring staff at least six months in advance. An employee who is eligible for re-employment with the Company shall be offered re-employment in one of the following job arrangements:
- Re-employed in the same job; or
- Re-employed with modifications to the existing job or re-deployed to a different job; or
- Re-employed on flexible work arrangements, such as part-time or job-sharing.
- The terms of the re-employment contract shall encompass the following based on offer and acceptance:
- Salary review, where applicable, will be based on the changes in job scope, nature of work and work responsibility;
- All other terms and conditions will be negotiated in accordance with the prevailing Tripartite Guidelines on Re-employment of Older Employees.
- The duration of re-employment for eligible employees shall be:
- Re-employment for five (5) years up to age 67; or
- Re-employment year-by-year, for five years (5) up to age 67.
- The Company shall offer re-employment contracts to eligible employees at least 3 months before their retirement. Similarly, employees who are not eligible for re-employment will be informed 3 months before their retirement.
- In the event that the Company is not able to offer re-employment to eligible employees, the Company shall provide a one-off Employment Assistance Payment (EAP) of 3.5 months’ gross salary, subject to a minimum amount of $5,500 and a maximum amount of $13,000.
Retirement and Re-employment: Sample Clause 2
Retirement age and re-employment shall be in accordance with the Retirement and Re-employment Act.