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What are the reasons to extend the tenure of a retiring employee?
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[QUOTE="Alexandoy, post: 147607, member: 25510"] 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? [/QUOTE]
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What are the reasons to extend the tenure of a retiring employee?
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