A new law is to be passed imposing a fine of Rs. XNUMX and six months imprisonment on employers who retire an employee before the prescribed age limit. At the discretion of the court, the employer will have to submit to both of these penalties.
In addition, the 'Minimum Retirement Age for Employees' Bill, which seeks to extend the retirement age of the private sector to XNUMX years, states that the employee must be employed until the due date for retirement and that arrears must be paid. The bill also allows anyone to retire voluntarily ahead of schedule.
The retirement age of employees between the ages of fifty-four and fifty-five, with effect from the date of enactment of the Act, has been extended to fifty-seven years. The retirement age of those between the ages of fifty-three and fifty-four by the date of implementation of the Act has been extended to fifty-eight years and the retirement age of those between the ages of fifty-two and fifty-three has been extended to the age of fifty-nine. The retirement age has been extended to XNUMX years only for employees below the age of XNUMX by the date of implementation of the Act.
The retirement period stated in the employment agreement with the employees is fifty five years. At the time of implementation of this Act, the specified period specified in the current employment service agreements will be null and void and the retirement age mentioned in the Act will have to be applied to it.
The new bill is due to be presented to Parliament and passed in the near future.