The recently passed Minimum retirement age act , which extends the retirement age for private sector employees to 60 years has signed by the Speaker of Parliament today and it will effect from today.
The bill was passed in Parliament on last Thursday the 11th.
From today, when this Act comes into force as a law, employees in the private sector will be entitled to work in the service institution where they have served up to the age of 60 years.
But this is in the early stages of implementation. The provisions required to do so are within the legal framework itself. Accordingly, an employee who is 55 years old at present will be given the opportunity to work up to 57 years.
At present, a person between the ages of 53 and 54 has been given the opportunity to work up to the age of 58. Those who are currently 52 years old can serve up to 59 years. Also, everyone under the age of 52 can work up to the age of 60.
However there will be no changes with the Employees Provident Fund in this situation. In order to receive the provident fund, an individual has to retire from the service of the relevant institution. Anyone can retire between the ages of 55-60 and avail the provident fund.
If one wants to get this money after 55 years, one has to retire.
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