The Retirement Age Policy establishes a clear framework for managing employee retirement in a fair, consistent, and legally compliant manner. It outlines the Company's normal retirement age, early and late retirement provisions, retirement planning expectations, and the process for extending employment beyond the normal retirement age where operationally justified. The policy also provides guidance on retirement transition planning, workforce succession, knowledge transfer, and fixed-term post-retirement employment arrangements, ensuring business continuity while supporting employees as they transition into retirement.

What's Included

1. Introduction

• Purpose of the policy
• Retirement planning principles
• Employee wellbeing and transition support
• Commitment to fair retirement practices

2. Objective

• Establishing the normal retirement age
• Fair assessment of retirement extensions
• Consistent retirement management

3. Scope

• Employees covered
• Organisation-wide application
• Internal retirement processes

4. General Principles and Guidelines

• Normal retirement age
• Retirement planning discussions
• Financial planning guidance
• Retirement date provisions
• Retirement savings responsibilities
• Knowledge transfer requirements
• Mentoring and succession planning

5. Early Retirement

• Early retirement eligibility
• Advance notice requirements
• Workforce planning considerations
• Retirement application process

6. Late Retirement

• Extension beyond retirement age
• Operational requirements
• CEO approval and discretion
• Phased retirement options
• Fixed-term post-retirement contracts
• Contract renewal or termination
• No expectation of continued employment