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03/08/2011 14:09:00
Re: retirement contract

My boss have few workers age after 55(we consider as retirement age). They have been worked for 2yrs and some 5 yrs above. We don't have any written agreement with them but we pay their EPF & Socso. Can I know if unfortunately an accident cause one of the worker lost his work permenantly, do the employer need bear any type of the compensation? If to protect the employer for any unforeseen compensation as this is a very small private co. can we now issue a new retirement contract to them ? how can I get the sample of this letter? Can I call this a renewal contract or extention of contract or just the new employment letter? Your advise are highly expected. Thank you.
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KL Siew
03/08/2011 14:55:23
Since they are covered with SOCSO, SOCSO will take care of that if the accident happened during working hours. If the accident happened outside working hours, the employer is not responsible to pay any compensation. If you care them, the best thing the boss can do is to take out personal accident policy for them. For retirement, you cannot now tell them the retirement age and retire them. Do that only for new employees.
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25/10/2011 14:42:34
We hv some staff already achieved their 55 yrs in Feb 2011 and 1 in May 2011. Company will definitely drop their EPF and Socso according to their statutory schedule payment as regulated. My enquiry:
1) What is the extended retirement age for private sector is it still 55 yrs coz I am still paying their normal full EPF and Socso contribution

2) Can I have a sample letter that we employer to give to staff informing them that their appt is on a yearly renewal basis and their EPF and Socso will drop to % as per stattutory set requirement.

Thank you
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