What are the reasons to extend the tenure of a retiring employee?

[Alexandoy]

In our country the retirement age of a private company employee is 60 while in the government it is 65. Most banks here are extending the tenure of some of their executive officers (from senior manager to vice president). The most common reason that I see is the lack of successor in the position. You cannot lose a manager to retirement if the assistant manager is not capable of handling the department. That also goes for the vice president who holds several departments under his jurisdiction.

I have a friend who was to retire last year but he requested an extension because he needed his income. He was granted a 1-year extension which I think is fair. This year he was again given an extension. What other reasons are there to suspend the retirement of the employee?

 

[Lens1000]

The major reason for tenure extension for a retirees could be that the said staff has unmatched experience in the field. This often occurs in the universities. The universities tend to keep the more experienced old professors because of the knowledge they garnered. If you go to tertiary institutions, they are the VCs, Deans, head of departments etc.

 

[Good luck]

Retired staff or people really find it so difficult to get Their pension after leaving the work of the leadership in some countries.After serving a company for more than 3 decades,getting the benefits will be issue that is the most reason why people don't like retiring at due time.some of them will even back date their age to favor them to stay longer n service.

 

[btaliat]

There are many reasons why retiree may ask for extension or the organization may not want to relieve their retiree. Most time it is because of the experience on the side of the organization while it may be because the retiree needs more money because it is not easy getting income after retirement.