HRSINGAPORE Community Discussions
Retirement Benefit - Update 2 (Replies)
Dear HR Colleagues,
Our Company is retiring several staff this year.
I would like know what are some of the retirement benefits that you offer to your staff who retires.
I have searched around but found no information on retirement benefits.
Please feel free to share with me. .Thank you!
The MOM website stipulates that an if an Employer has considered all available re-employment options within the organisation and is still unable to identify a suitable job for an Employee, the company may offer the Employee an Employment Assistance Payment (EAP).
There are 2 areas for discussions here :
1) Company's policy
For (1) Our company's policy is to offer S$1000 to employees on their retirement (62 years of age onward)
For (2) Retirement and Re-employment Act (RRA)
a) If employees choose to retire when they reach 62 years of age or beyond, we offer them S$1000 as retirement benefit.
b) If employees upon reaching 62 years of age choose to be re-employed beyond retirement age, Company will offer a fixed term employment contract with new terms and conditions. If Company is unable to re-employ the employees, EAP (Employee Assistance Payment) will be payable as per the RRA.
Retirement and Re-employment Act (RRA) & Employment (Part-Time) Regulations Seminar
- 14 December 2018
This seminar provides participants with good knowledge of the legal requirements for retirement, re-employment of eligible employees, regulations on engaging part-timers and their entitlements, employment assistance payment schemes, special employment credits, avoidance of re-employment disputes and also compliance with tripartite guidelines.
For details, please click on: https://hrsingapore.org/hrlawupdaterra/
HRSINGAPORE is the first, free, HR Community that provides HR Certification, HRLAW Seminars, HR Workshops and HR Consultancy Services. For more about us please visit https://hrsingapore.org/
© HRSINGAPORE® ~ A Decade of Helping HR People Succeed!