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Retirement In India
VRS applies to employees who have completed 10 years of service or are above the age of 40 years. It applies to workers, executives of companies and/or to an authority of a co-operative society (except company/co-operative society directors). As per the rules, voluntary retirement scheme should result in an overall reduction in the existing strength of employees and the vacancy cannot be filled up. PSUs have to obtain prior approval of the government before offering voluntary retirement. Firms can frame different schemes, however, they must conform to the guidelines under section 2BA of the Income-Tax Rules. One of the pertinent rules clearly states that retiring employee must not be employed in another firm belonging to the same management. Retirement in India includes all the culture around retirement in India. Various organizations offer "voluntary retirement schemes" (VRS) as part of their strategy to have turnover of employees. Indian culture has a traditional concept that re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job due to health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retiremen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnover (employment)
In human resources, turnover is the act of replacing an employee with a new employee. Partings between organizations and employees may consist of termination, retirement, death, interagency transfers, and resignations.Trip, R. (n.d.). Turnover-State of Oklahoma Website. Retrieved from www.ok.gov: http://www.ok.gov/opm/documents/Employee%20Turnover%20Presentation.ppt An organization’s turnover is measured as a percentage rate, which is referred to as its turnover rate. Turnover rate is the percentage of employees in a workforce that leave during a certain period of time. Organizations and industries as a whole measure their turnover rate during a fiscal or calendar year. If an employer is said to have a high turnover rate relative to its competitors, it means that employees of that company have a shorter average tenure than those of other companies in the same industry. High turnover may be harmful to a company's productivity if skilled workers are often leaving and the worker ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sannyasa
''Sannyasa'' (Sanskrit: संन्यास; IAST: ), sometimes spelled Sanyasa (सन्न्यास) or Sanyasi (for the person), is life of renunciation and the fourth stage within the Hindu system of four life stages known as '' Ashramas'', with the first three being Brahmacharya (bachelor student), Grihastha (householder) and Vanaprastha (forest dweller, retired). Sannyasa is traditionally conceptualized for men or women in late years of their life, but young brahmacharis have had the choice to skip the householder and retirement stages, renounce worldly and materialistic pursuits and dedicate their lives to spiritual pursuits. Sannyasa is a form of asceticism, is marked by renunciation of material desires and prejudices, represented by a state of disinterest and detachment from material life, and has the purpose of spending one's life in peaceful, spiritual pursuits. An individual in Sanyasa is known as a ''Sannyasi'' (male) or ''Sannyasini'' (female) in Hind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In India
India operates a complex pension system. There are however three major pillars to the Indian pension system: the solidarity social assistance called the National Social Assistance Programme (NSAP) for the elderly poor, the civil servants pension (now open for all) and the mandatory defined contribution pension programs run by the Employees' Provident Fund Organisation of India for private sector employees and employees of state owned companies, and several voluntary plans. Non-contributory minimum pension The National Social Assistance Scheme is a limited social safety net for the elderly poor and disabled who falls under the official poverty line. It is a non-contributory pension introduced in 1995. It is targeted at people between 60 and 65 years old who have not been in paid work either for health reasons or because they were carers. To be eligible, one must be above the age of 60 and below the poverty line. It is funded through the general taxation. National Pension Sys ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
