Retirement age in India in 2024. What should be retirement age? क्या बदल रही है रिटायरमेंट की उम्र?
Retirement is the most important phase of our working life cycle. This is a debatable question what should be the retirement age. In this article we will tell you about retirement age in India as well as in other countries.
TABLE OF CONTENTS
- · Retirement Age in India
- · Retirement Age in Private Sector
- · Retirement Age in Government Sector
- · Retirement Age in Other Countries
- · FAQ-About Retirement Age
Retirement age in India
In India there is different retirement age applicable in various sectors for various posts. To know about the minimum age of retirement is very important to take better decision of life such as career, income, saving and investment. This will help you to plan accordingly and achieve your future goals.
Retirement Age in India in Private Sector
In India retirement age in private sector is more important than in Government sector because most of the people engaged in private sector. Private sector is less secure than government sector as per Indian people mentality. So to know retirement age in private sector is more important.
There are no fixed rules of retirement age in private sector. Generally, it is between 58 years to 60 years. Every Company can alter this according to its requirement and as they deemed fit.
Many Companies also provide early retirement offers which are very attractive.
Whose retirement age is 58-60 years in private sectors?
Generally multinational companies follow the rule of 60 years for retirement age. This is the standard retirement age of many companies.
IT companies, Private Banks, NBFC, Food Industries, Manufacturing Units etc. generally follow this conventional standard of retirement age.
Private sectors involve many highly skilled professionals such as marketing expert, operational experts, finance experts, production experts. These professionals provide high values to the companies. So private sector utilizes their skills and expert knowledge at extent. Sometimes retirement age of professionals is up to 62 years.
Whose retirement age is 70 years in private sectors?
Generally, the head of department or the companies retire at the age of 70. The head of the management has the specific skills and expert knowledge of the field. Their decision has great impact on business. They provide valuable advice and make best business plan for growth of the business. They are the true leaders of companies and this is the reason they work up to the age of 70.
In Short we can say that private sector can alter retirement age as per their requirement and circumstances.
Retirement Ages in a Government Sector?
The new retirement age in India for Central Government employees is 60 years.
Various retirement age in State Government and Central Government.
Government Teacher:
The retirement age of Govt. teachers is 60 years but Delhi govt. increased the age up to 65 years previously it was 60 years.
Government Doctors:
The retirement age of doctors in Central Govt. is 65 years. UP Govt. also increased the retirement age of doctors up to 65 years previously it was 62 years.
National Security Advisor:
The main role of NSA is advising the government on national security, now their extended new retirement age is 65 years.
Public sector Undertaking:
The retirement age of employees in PSU sector is 60 years. For Example, Railways, Coal, Communication etc.
Army Chief:
The Army Chief is responsible for the national security and defense. The retirement age of Army Chief is either 62 years or after completing 3 years of tenure which is earlier.
Central Police Organization:
Until August 2019:
In four specific forces (CRPF, BSF, ITBP, and SSB), personnel from the ranks of constable to commandant retired at 57, while those above them (e.g., Inspectors General) retired at 60.
After August 2019:
The unified the retirement age at 60 years for all ranks in all Central Armed Police Forces (CAPFs). This includes BSF, CISF, CRPF, ITBP, SSB, and Assam Rifles.
The Comptroller and Auditor General of India (CAG):
CAG handle financial matters of the government. The retirement age of CAG is either 65 years or completing 6 years of service which is earlier.
Judges of India
The High Court judges retire at the age of 62 years while Supreme Court Judges retires at 65 years.
GST Appellate Tribunal Chief:
Recently the Finance Minister of India announced in a press conference that the retirement age of president of the appellate tribunal is increased from 67 years to 70 years and the other members age is 67 years from 65 years.
President of India:
The minimum age is 35 years to become President of India but there is no upper age limit for retirement.
Prime Minister of India:
There is no upper age limit of Prime Minister of India. The Prime Minister can work for 5 years or can be re-elected for next five years.
Retirement Age in Other Countries
USA:
There are two parameters of retirement age in USA.
Born before 1937: If a person born before 1937 then his retirement age is 65 years.
Born after 1937: If a person born after 1937 then his retirement age is 67 years.
Australia:
In Australia is no fixed age of retirement but the pension age is 67 years if you born in or after 1957.
Indonesia
In Indonesia retirement is not required, if you completed 15 years of working then you are eligible for pension. Indonesia has raised the retirement age from 55 by one additional year in every three years since 2014 and will continue to do so until 2043 when it reaches 65. In 2022 retirement age was 58 years.
Saudi Arabia
The present retirement age in Saudi Arabia is 60 years for men and 55 years for women. There is a plan to increase this up to 62 years by 2024 for both men and women.
China
The Chinese citizen’s retirement age is 60 for men, 55 for white-collar women and 50 for women who work in factories.
Conclusion
Many people want to retire at the age when his social and family responsibilities completed, other want to be retire till the age they feel fit to work. Some people want to retire their early age before 50s. So this is very difficult to decide right age of retirement.
Retirement is the new beginning of life. This is the second inning in which rest, comfort and social security is the main part of life
In nut shell to know retirement age is not only important those people who reach to this stage but for those also who are in their young age because it will help you to better plan your future and to take saving and investment decisions wisely.
FAQs about Retirement age
1. What are the new retirement age in India?
Presently, the retirement age is 60 years in India. The government is thinking to increase it 62 years from 60 years.
2. What is the IAS retirement age?
The retirement age for most of the civil services is 60 years. Civil services include the Indian Administrative Service (IAS), Indian Police Service (IPS), Indian Foreign Service (IFS), Indian Revenue Service (IRS), and Railway Protection Force (RPF) etc.
3. Whose retirement age is 70 years?
The government has increased the age of retirement for Indian Institute of Management (IIM) Directors by 5 years. Now the retirement age of IIM Directors is 70 years.
Recently the government raised the retirement age of president of the appellate tribunal is increased from 67 years to 70 years.
4. What is the retirement age in UK?
Presently the retirement age (pension age) in UK is 66 years. It will increase by 1 year in 2026-2028.
5. Is 50 the new retirement age?
No, 50 years is not the new retirement age in India, but a person can take VRS (Voluntary Retirement Scheme) and can retire at early stage if his company allows him to do so.
6. What is the PM Modi retirement age?
There is no upper age limit of Prime Minister of India. The Prime Minister can work for 5 years or can be re-elected for next five years. So there is no upper age limit of PM Modi retirement.
7. What is Dhoni retirement age?
There is no fixed retirement age of players but most of the player takes retirement between 35-40 years so that young player can get chance.
MS Dhoni officially announced his retirement on August 15, 2020.
8. What is Virat Kohli retirement age?
Virat Kohli has not taken retirement till yet. His fans like to see him in next World Cup.
9. What is the tom brady retirement age?
Tom brady is famous NFL Player who officially retired on February 01, 2023.
10. What are the retirement gifts for men and women?
A diary and pen, a favorite book, travel bag etc can be good options for retirement gift.