For the last 16 years or more, I have been working in a Public Limited Co., where I had joined as a "Covenanted Staff" (or Officer) Grade. At that time all officers (headcount of 800) were given a "Staff Regulatons Book for Covenanted Staff" where among all clauses, the Retirement Age for an Officer was given as 60 years. Our total employee strength is about 18000, out of which Officers comprise a strength of 800 and the rest are Non-Covenanted Staff & Workmen. The Retirement age for the rest of the employees is 60 years.
All our Officers are members of an "Association", which is an independent registered forum, whose primary objective is to look after the interests of the Officers of our Company. Though the Company has never officially recognised our Association, but over the years, they have engaged in dialogues with the Association regarding settlement of issues of Officers.
About 5-6 years back, when our Company was going through a bad patch, business-wise, it had floated a VRS scheme for all employees among other measures that it had taken for bailing itself out from the then financial crisis. About 2000 employees, from the non-covenanted and workmen category had opted for the VRS at that time. At the same time, Company had made a tacit understanding with our Association that in place of VRS of Officers, the Retirement Age of Officers shall be reduced to 58 years. Though the Scheme was officially "Voluntary", our Association had acquiesced to this proposal for the sake of its members.
However, no such directive from the Company, was formally sent to individual officers and the issue remained ambiguous.
Recently, about 2 weeks back, the Company has sent a revised “Covenanted Staff Regulations Book” where it has been indicated that the Retirerment Age of Officers is 58 years. This is inspite the fact, that the rest 16000 employees have their retirement age pegged at 60 years.
I would like to know, whether our Assocation or Individual members have any grounds for contesting this Revised regulations and if so on what basis.
Ranju
