Tuesday, January 29, 2008

Retirement age 65 years.




   Reliance communications has decided to increase the retirement age for its employees from 58 to 65 years. The retirement age at most private sector companies is between 58 and 60 years although some top executives  have been given longer tenures.According to sources extending the retirement age by seven years will benefit about 1500 employees of the nearly 40000 employed by the Reliance group telecom company in the next two years.




This step must be seen in the context of reports that high growth industries like telecom are finding it difficult to recruit sufficient staff.Recently the government had moved a cabinet note increasing the retirement age  for central government employees from 60 to 62 years. Reliance which recently received permission to also set up GSM services in 13 circles plans to start  operations in six months and will require a large number of people to man this expansion.It also plans to launch  direct to home and IPTV services which will also require more staff. It will issue stock options to employees not exceeding 5 percent of the paid up share capital of the company.  The company has close to 206 crore paid up  shares currently.

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