Anyone know what are the current practice for retirement benefits ?
As far as the Employment Act 1955 is concerned, Section 60J empowers the Minister to make regulations pertaining to termination, lay-off and retirement benefits. As it is now, only regulations pertaining to termination and lay-off benefits were made as in the Employment(Termination and Lay-off Benefits) Regulation 1980. So far no regulaltions have been made for retirement benefit yet.
"...60J. Termination, lay-off and retirement benefits.
(1) The Minister may, by regulations made under this Ac
Mr. Siew, am I correct to say that if in the contract of employment stated the age of retirement, then the employer need not pay under section 60J.
Regulaltion 4 of the Employment (Termination and Lay off Benefits) Regulations 1980 has something to say about it:
"....4. (1) Subject to paragraphs (2), (3) and (4), an employee shall be entitled to termination benefits payment where his contract of service is terminated for any reason whatsoever otherwise than -
(a) by the employer, upon the employee attaining the age of retirement if the contract of service contains a stipulation in that behalf; or
For more info pleas