1. Introduction

This comprehensive Employee Retirement Policy outlines the retirement benefits, procedures, and support provided by our organization to ensure a smooth transition for employees entering retirement. Our goal is to support our valued employees throughout their careers and into their retirement years.

1.1 Purpose

The purpose of this policy is to:

• Provide clear guidelines on retirement procedures and benefits
• Ensure fair and consistent treatment of all retiring employees
• Support employees in their transition to retirement
• Maintain compliance with relevant laws and regulations

1.2 Scope

This policy applies to all full-time and part-time employees who have met the eligibility requirements for retirement benefits as outlined in this document.

2. Retirement Eligibility

2.1 Age and Service Requirements

Employees become eligible for retirement benefits when they meet the following criteria:

2.2 Exceptions

Exceptions to these requirements may be considered on a case-by-case basis for employees with extenuating circumstances. Such exceptions must be approved by the Human Resources department and senior management.

3. Retirement Benefits

3.1 Pension Plan

Our organization offers a defined benefit pension plan to eligible employees. The pension benefit is calculated based on the following formula:

Annual Pension = Years of Service × 1.5% × Average of Highest 5 Years' Salary