Every working man has to retire or cease to work one day in Government or private organization. We understand Retirement age as the age when one ceases to work anymore or eligible to work anymore and are entitled to Superannuation or state pension.
The present retirement age for male in India is 60 years. For special cases of Health and education, the retirement age is increased to 65 years.
The retirement age of females in India is as follows:
Date of birth Women Men
1 January 1949 - 30 June 1952 65 65
1 July 1952 - 31 December 1953 65.5 65.5
1 January 1954 - 30 June 1955 66 66
1 July 1955 - 31 December 1956 66.5 66.5
However, Politicians here do not have any Retirement age. They are at the liberty to work as long as they are healthy and live in this beautiful Universe.
Now, the question arises that is there any prescribed law in India for a retirement of a person?
The Government employee’s retirement age is stated to be at the age of 60. There is no retirement age for a private employee in India. But as per the EPF (Employees Provident Fund) the PF automatically ceases for a private employee at the age of 58. The judges in India retire at the age of 65 years.
There is a proposal to combat the retirement age of the Government employees. Presently, there are over 50 lakhs of Central Government employees. The Government of India is due to pay them the 7th pay commission implemented pay. The Government therefore is planning to pay less by recruiting the youngsters rather than pay high to the senior employees whom they want to retire at a lesser age. Thus, the new Government of India is thinking of reducing the retirement age from 60 to 58 years.
Now, let us understand the retirement age of different countries:
In most of the countries, the average retirement age is Male 65 years and female 63 years.
In China the retirement age for civil servants is Male 60 years and Female 55 years. For Female workers it is 50 years.
In France, the retirement age is 62 years .In New Zealand it is 65 years. In U.K. the retirement age is 65 years for Male and 60 years for Female and in U.S.A. the early retirement age is 62 years and the normal retirement age is 67 years.
The question arises as to what is the retirement age in IT companies in India?
In IT sector in India there is no retirement age since no one reaches the retirement age. If one acquires the experience of 15 years of experience in IT, there are lesser chances to stay or look for a new job unless one has higher degree to aid his application. Major of the executive positions are acquired by the highly qualified MBA graduates. Very few make it down the ladder. It is always better in such case to do a higher executive degree course. Otherwise, you need to have very high technical expertise like principle architect or architect expertise to prolong in your 15 to 20 years of experience.