labour law

Superannuation basically means payment (pension payment) on a monthly basis made by an organization to a person who has retired from that particular organization on attaining age of superannuation.

To clarify further, Retirement on Superannuation is one of the different types of retirement.

And the different types of retirement known to me are:

1. Retirement on Superannuation: It means retirement of an employee on reaching the maximum prescribed age limit for employment. The retirement age has been set at different age limits for various types of organizations/institutions. For instance the retirement age for employees of public sector undertakings is 60 years of age and that for scientists of the Government of India it is extendable to 64 years of age. For private sector firms the ages of retirement vary.

2. Voluntary Retirement: Voluntary retirement is one of the options made available to employees of an organization under the Voluntary Retirement Scheme. Under the scheme employees are given the option to retire earlier than the superannuation age. It is mainly adopted by organizations to trim staff strength by making available monetary or other benefits.

3. Compulsory Retirement: Compulsory retirement is sorted to by an organziation for the dismissal or discharge of an employee. An employee can be made to compulsarily retire on account of serious misconduct, theft of office property, etc.

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