The Idea of Retirement - Essay Example

In this article, different types of retirement benefits are stated and processed and nitti gritties about how to be the applicant plus the acquirer of those reimbursements. Those forms include:
 Normal retirement’s benefits
 Early retirement’s benefits
 Escalation (partial, full escalation) benefits
Article 14 also addresses the benefits for disabled employees either accidentally or permanently. Advantages can be given to the employees who were former to companies died within the time of one year of their resignation and accidental deaths without the negligence are paid even after more than one-year resignation from the companies by the employers.

This article affects the people who are in jobs and who are providing jobs. The idea of retirement is a very foremost idea and a means to retain their efficient employees. This inspiration also develops the loyalty among the employees towards the organizations and sense to remain adheres to employers so that find work-life balance. My view for this discussion is because when the workers feel that the employer or the organization’s management is concerned about their lives on the job and hereafter i-e after job, they would not be more reluctant to contribute little past of their wages and salaries to the funds created.

The retirement benefits include the employees with 20 minimum and 30 maximum years of service credits. For example, elaborating the concept of escalation, the employee working in an organization has service credit of fewer than 25 years but more than 20 years qualify the benefits of partial escalation. And the worker with full or more than 25 years of service tenure is qualified for the advantages of full escalation. Escalation basically is a process in which increment and decline are done in the amount each year in the month of April on the basis of the “cost of living” index.

Academia can get to know the benefits prevailing regarding the retirement of employees. The basic objective attached to this perspective is to get contributions from the employees and to eliminate reluctance for the contribution made for the funds from the employees’ salaries. The business world can inculcate this initiative in their employee management programs so that they could increase the performance of the workers and the ratings of their funds' utility in the views of employees. The benefits given should be highlighted and told in a way that they only address the employees’ issues. The purpose behind this act would be to increase their confidence in the funds created and employees perceive that it is only related to their work-life pros nothing to do with organizations profit generation etc. Read More