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Retirement
When an employee retires, companies should include the following:
Confirm the retirement date in writing as the employee approaches their retirement age
If applicable, state in the letter that employment will end on this date in accordance with normal retirement age
Plan for the gap they will leave behind. Appoint a caretaker or recruit a new employee
Arrange the handover of work
Calculate how much money is due to them from outstanding holiday pay, bonus payments etc
Calculate any entitlements they may have under employee share or share option schemes
Calculate what needs to be deducted from their final payment e.g. income tax and National Insurance contributions (NICs)
Some businesses also give the employee an enhanced pension or extra payment in the case of early retirement or retirement due to ill health
Carry out an exit interview
Retrieve company property e.g. security pass, company car, laptop computer
Arrange a gift and/or social event at work to celebrate the employee's contribution to your business....if you want the whole of this section and
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Ending Employment