Data furnished may have changes as its dated December 2022, request you to cross check before implementation with the local legislative authorities.
Each country will have its own rules and regulations with respect to Retirement, some may be based on years of service and some on age of Employee. This content here would help you to understand the various rules and regulations followed globally.
Note: I have specified age limits like 60 & above, we may think that at the age of 60 Retirement and why is that we specify 60 & Above. 60 is the age at which employee would be eligible for Retirement and we have cases, where employee continue to work even after the age of 60 and contribute their efforts towards organisation. Hence age 60 is the eligibility criteria and above refers to at any point after that, Retirement can be availed.
Argentina: it’s straight forward for Argentina, as the Retirement would be considered based on Age of Employee. If employee attains a age of 60, Employee would be eligible for Retirement.
Spain: We have 2 criteria for Retirement. If employee age is greater than 63 and has an Experience of 37 Years & 6 Months, they would be eligible for Retirement. Suppose if Employee Age is 63 and has no experience of 37 Years & 6 Months, they would fall under the next criteria which is a general criteria of 64 Years & 2 Months and its purely based on Age of Employee and service will not be accounted. When we call out years of ¸experience of employee, it can be with any of the organisation and need not to be with specific organisation.
Australia: it’s straight forward for Australia, as the Retirement would be considered based on Age of Employee. If employee attains an age of 67, Employee would be eligible for Retirement.
Brazil : it’s straight forward for Brazil, as the Retirement would be considered based on Age of Employee. If employee attains a age of 60, Employee would be eligible for Retirement.
China: We have a criteria based on Gender for China. For Male employees it would be age at 60. For Female employees we have 2 variations, if employee is on Managerial Position then age criteria would be 55, if not for all other Female employees it would be 50
Colombia: it’s straight forward for Colombia, as the Retirement would be considered based on Age of Employee. If employee attains a age of 60, Employee would be eligible for Retirement.
Denmark: its defined by company rules & Regulations
France: it’s straight forward for France, as the Retirement would be considered based on Age of Employee. If employee attains a age of 62, Employee would be eligible for Retirement.
India: it’s straight forward for India, as the Retirement would be considered based on Age of Employee. If employee attains a age of 60, Employee would be eligible for Retirement.
Taiwan: Its based on the Years of Experience what employee holds to attain the Retirement age criteria. If Employee has an experience of 10 Years of Experience, then the age criteria would be 60. If Employee has an experience of 15 Years, then the age Criteria would be 55. If Employee has experience of 25 Years and more then no age criteria will be applied and employee would be eligible for Retirement based on years of experience.
Ireland: it’s straight forward for Ireland, as the Retirement would be considered based on Age of Employee. If employee attains a age of 65, Employee would be eligible for Retirement.
Israel: For Israel its based on the Gender which has been defined and for Male Employees it would be at the age of 67 and for Female Employees, it would be at the age of 62
Italy: its defined by company rules & Regulations
Serbia: Retirement criteria is based on Gender and their age. For Male employees it would be 65 & for Female employees it would be 63 Years & 4 Months.
Singapore: it’s straight forward for Singapore, as the Retirement would be considered based on Age of Employee. If employee attains a age of 62, Employee would be eligible for Retirement.
South Korea: it’s straight forward for South Korea, as the Retirement would be considered based on Age of Employee. If employee attains a age of 60, Employee would be eligible for Retirement.
Switzerland: its defined by company rules & Regulations
UK: it’s straight forward for UK, as the Retirement would be considered based on Age of Employee. If employee attains a age of 66, Employee would be eligible for Retirement.
Germany: it’s straight forward for Germany, as the Retirement would be considered based on Age of Employee. If employee attains a age of 63, Employee would be eligible for Retirement.
US: it’s been little tricky as the criteria for Retirement has been linked through the kind of work employee does which in turn has been decided based on the Employees Annual Bonus Plan. There are 3 major bifurcations to it starts with AIP known as Annual Incentive Plan, OSIP known as Operative Sales Incentive Plan, LTI known as Long Term Incentive Plan but only AIP & OSIP would be considered as LTI is an over and above Bonus plan which would be a combination of AIP & LTI or OSIP & LTI. LTI would be given to
AIP > Annual Incentive Plan: 55 Age & 10 Years of Service
OSIP > Operative Sales Incentive Plan: 55 Age & 10 Years of Service
LTI > Long Term Incentive Plan: this has no impact as its a additional bonus plan which would be given to Directors and above with that of AIP or OSIP
| Country | Criteria for Retirement |
| Argentina | If Employee attains a age of 60 & Above |
| Spain | If Employee age is greater than 63 years then they need to satisfy 37 years 6 Months of Service If Not for all other cases 64 years 2 months and service criteria would be applicable. |
| Australia | 67 & Above |
| Brazil | 60 & Above |
| China | Male Employee: 60 Female Employee: If on Manager Position > age criteria would be 55 Female Employee: If not on Manager Position > age criteria would be 50 |
| Colombia | 60 & Above |
| Denmark | It’s based on company Rules & Regulations |
| France | 62 & Above |
| India | 60 & Above |
| Taiwan | If Employee has 10 Years of Experience then the age criteria of employee is 60 If Employee has 15 Years of Experience then the age criteria of employee is 55 If Employee has more than 25 Years of Experience then there is no age criteria |
| Ireland | 65 & Above |
| Israel | Male 67 Female 62 |
| Italy | It’s based on company Rules & Regulations |
| Serbia | Male 65 Female 63 Years & 4 Months |
| Singapore | 62 & Above |
| South Korea | 60 & Above |
| Switzerland | It’s based on company Rules & Regulations |
| UK | 66 & Above |
| Germany | 63 & Above |
| US | its been linked through the kind of work employee does which in turn has been decided based on the Employees Annual Bonus Plan. AIP > Annual Incentive Plan: 55 Age & 10 Years of Service OSIP > Operative Sales Incentive Plan: 55 Age & 10 Years of Service |