Retirement

Retirement is one type of separation.

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Retirement can be of 3 types-

Compulsory Retirement – An employee retire after attaining the specified age. 

Premature Retirement – An employee may retire before attaining the specified age, due to bad health, physical disability, family problems, etc

Voluntary Retirement – When an organization wants to cut down its operations or to shut down, it may give an option to its employees with a certain minimum service for voluntary retirement in return for a lumpsum payment.