What is the difference, you might well ask. There is one.
When one talks of “Retirement Planning” the focus is invariably on “retirement” --i.e. when am I going to retire, how much time left till I am due for retirement, will I get extension, How long will the extension be for, will they give me last pay or something less (and how much less), will the perquisites be extended, at least some or will it all be withdrawn. Under these barrage of questions and speculation, the associate intent of “planning” gets submerged and moves into the background - till one day, lo and behold, retirement day arrives and I have not yet planned for tit.
On the other hand if one rephrases this activity as “Planning for Retirement” it is my submission that “Planning” will take centre – stage and one’s retirement will just be one phase that one will factor in, in the much broader canvas of “planning for the rest of one’s life”.
So what does Planning for Retirement mean ? Like all other planning activities, Planning for Retirement must also proceed on some assumptions. The first assumption must be that I will retire one day (rather obvious you might say) and that day will be my official retirement date as per my employment terms (not so obvious). In other words, our planning must consciously exclude any possibility of extension, even if past precedents and subtle hints suggest that you are likely to get it. If you cannot steel yourself to the fact that you are not going to get extension, there is little chance of your planning for retirement.
Having got over this hump, the next step is to spend considerable time with yourself and subsequently with your spouse to determine two major issues that are the bedrock of retired life: one, where do you want to retire to, i.e. do you wish to continue to stay in the same city where you were working or do you wish to settle in any other place, be it your hometown or some other place that both of you have fallen in love with.
The second is to discuss and determine what both of you wish to do after retirement, where “do not wish to do anything” is as legitimate a choice as any other. What you wish to do can often influence the answer to the first question i.e. where do you want to spend your retired life. Of course, it is also true, vice versa.
One of the constraints that most people experience in choosing what they want to do is the “trappings and status of their past job”. Hence they rule out many things which are both paying and enjoyable simply because “what will people think about such a senior executive running a shop or an STD booth or giving tuitions or teaching in a school ?” It is important and necessary to get out of such thinking, though, admittedly it is not easy. However, the way to handle this is to apply the following criteria: Am I doing something illegal ? Am I doing something that amounts to begging ? Am I doing something which borders on swindling / cheating ? If the answer to all such questions is no, then unhesitatingly do whichever gives you most satisfaction, not necessarily money or status.
Remember, the chase, after retirement should not be for money or status. Rather it should be for satisfaction and happiness, and whatever money or status you get should be the result of what you do, not the purpose. The simple reason for saying this is that one has to take into account one’s age and health. If one is going to relentlessly chase money and status post-retirement age, then one will only be shortening one’s remaining life and also making the years lived most stressful and, therefore, hardly enjoyable.
If this physical fact can be grasped and intellectually accepted, it will help make decisions much easier. Post - retirement, health is primary, and you should only do things which are comfortable and enjoyable so that you can avoid the physical health getting affected by your emotional and intellectual stresses. Besides, carrying on with your yoga and exercise regime is as important now as it was before, with the only change that the time for your exercise/yoga will now be more important than any other occupation. This is only possible if the chase for money and status is subjugated to the goal of satisfaction and happiness.
Where and when to start “Planning for Retirement ?” It is best to start at least 10 years before your retirement is due. – i.e. late forties is the latest you should start. The earlier you do the better. The following are some of the steps one might consider.
1. Start by opening separate bank accounts for yourself and your spouse in the place where you wish to retire. If it is the same city / town where you are currently working, then do so in another bank. If it is some other place where you wish to go to retire after retirement, then open the accounts there. Next, start depositing some regular amount, every month in these retirement accounts rather like an EMI on your “Retirement Comfort Purchase”.
This is the only way you will build up a corpus for retirement. Further, instruct your bank that amounts above a small minimum, say Rs. 10,000/- should be put in FDs, for durations that offer the best interest rate at that time, in lots of Rs. 25,000/- each. (Figures are only illustrative – you should choose what you think is right). Thus, if you mange to put away Rs. 10,000/- every month, you will be saving a principal amount of over Rs. 12 lakhs at the time of retirement and with compounded interest it can reach anything between Rs. 16 to Rs. 22 lakhs, which is a decent amount.
2. Anytime after 40, invest in a LIC Policy of 20 years duration. A good policy to consider is Jeevan Anand with profits and with accident benefits. A policy for maturity amount of Rs. 10 lakhs and for a 15 year-period will require an annual premium of only Rs. 80,000/- But, if you survive, the estimated (not guaranteed) sum when you are 60 years is likely to be Rs. 26.00 lakhs. In addition, your next-of-kin will also get the sum assured of Rs. 10 lakhs on your death, and if the death is caused by accident (up to the age of 70), then your next-of-kin will get Rs. 20 lakhs instead of Rs, 10 lakhs. It is possible to pay this kind of premium amount (approx Rs. 7000/- per month) while one is working and earning a regular salary and is an option that must be seriously explored.
3. An excellent idea suggested to me by my good friend Shri Anil Bijlani, CEO of Applicomp India, Bangalore, was that one should put at least 25 % of one’s annual increment amount in savings. This is not difficult to do as one has been living on the previous income, anyway. However, silently, this will build up a very tidy corpus over the years. Yet another suggestion he made was that in view of the highly flexible and easy “home loans” available, every young manager should try to acquire a house for himself while he is working. This will take care of one of the major worries and expenses after retirement.
4. Make a list of what regular expenses currently are “show expenses” or “non – essentials” and which you would like to eliminate so that cash flow becomes and remains positive. For example, you may be currently entertaining twice a month. This may partly be because you enjoy it, partly because your job demands it and partly because you can afford it. After retirement, the latter two reasons disappear; even if the first remains, i.e. “You enjoy it” you need to actively consider dropping it or reducing the frequency and the scale.
Some of the other things to consider in such a category are a) going to movies, b) subscribing to a large number of magazines, c) attending expensive music concerts and plays, d) smoking, pan paraag and alcohol, e) expensive cosmetics, f) frequent purchase of clothes etc.
In other, words, try to simplify your life, as much as possible from the “needs” point of view. If you can start doing this from your early fifties, the transition to retirement will be that much easier and the strain on your finances will be substantially reduced. In fact you will be pleasantly surprised with “how little one actually requires to live comfortably:” And then only the realization dawns, that many things we acquired or regularly “used / consumed” was simply because we could afford to and not necessarily because we needed to.
5. Now look at avenues for engagement and income. While this is essentially a personal choice, depending on one’s interest and competencies, some general ideas to explore are : tuitions in subjects that you have mastery, hobby classes in areas where you have special talent (e.g. painting, music, gardening, yoga etc.), interview guidance for job aspirants (if you have been actively engaged in taking interviews in your job), insurance policy selling, making cartoons, sculpture, opening a library at home if you have large a collection of good books (minimum 1000 would be required to attract sufficient members), providing training in computer and internet usage, if you have a computer and are well versed in internet browsing, MS Office or Star Office or in some special applications like MS Project (or equivalent), any Statistical Package, or some Graphics package like CorelDraw, Macromedia, Scala etc..
6. If you wish to take up another job or some regular assignment, one of the talents you must equip yourself with is fluency with computer usage, particularly Word Processing, Spreadsheet and Presentation package. In addition you should develop good familiarity with Internet browsing and e-mailing. It is a good idea to consciously learn this in the job that you are currently in.
Most organisations are highly computerized today and each organisation has one or two experts in the various packages mentioned above. Even if the expert happens to be younger than, or junior to you, ask for his / her help in learning this package. This talent will give you a great advantage in getting post – retirement jobs.
7. Start developing business and social contacts from now on in the intended place of your retirement. This will make your transition in that place smooth and as painless as possible. Collect visiting cards and send greeting cards.
8. If you have the talent and can find the time, consider writing, be it books or articles, as an engagement. While this may not be necessarily a money-earning option, it will give you great satisfaction to see your name in print and will help make up the “recognition vacuum” that one invariably faces after retirement when suddenly those who knew you forget you (because you don’t hold any official position” and those who don’t know you are not particularly interested in doing so.
Similarly, if you have a talent for public speaking, start addressing gatherings in professional organisations like AIMA, HRD Network, NIPM, IEI, IIMM, IPE, IIIE etc. Alternatively, and additionally, take part in activities of Social Clubs and associations. This greatly helps in widening the circle of your contacts and each of such contact can come in handy some time or the other.
9. Learn cooking, so that either spouse can handle the absence of the other when he or she is away; else, food, which is a daily necessity becomes a big drag on the freedom of travel and work for either spouse.
10. Make your will -- however tentative it might be and make sure that each time you make changes you have the will ratified by witnesses and registered.
This is so far as the individual is concerned. What about the organisation ? What could be the role of the HR Department in helping an employee plan for retirement ?
The very first argument against doing is this is : it is not our job, we are responsible for the employee only till the time he works with us. So actually the work begins here. It is submitted that CEOs and HR Heads must consider responsibility towards an employee, post-retirement, as a part of their job and re-interpret the HR function to that extent.
What is it that an organisation can do ? Once again, here is a tentative list, offered for consideration :
1. Have a structured briefing session for all employees who are around 6 to 7 years away from retirement, asking them to articulate the following :
1.1 Where do they wish to re-locate to after retirement ?
1.2 What do they wish to do on retirement ?
1.3 What do they estimate is their cash flow requirements after retirement and what do they estimate they are firmly tied up for ? The gap, if any will be the target amount that needs to be generated through additional sources of income.
1.4 What is the state of their health, when was the last thorough check – up they have had, what is the fixed expense (on some regular medicines or treatment) they are already incurring ?
1.5 Have they drawn up their will and do they need help in doing so ?
The above will not only serve as a good starting point for the organisation as to the areas in which it can offer help, but more importantly, bring a much sharper sense of realization in the employee as to the areas in which he needs to get himself ready.
2. Hold a session with a finance planning expert (the company’s personal taxation expert will do for a start) to advise them on juggling their savings portfolio to be able to get as close as they can to the target amount of cash inflow required every month or every year.
The organisation can even arrange for investment agents to come over and help the employees make their investments or change their investment portfolios in the office itself. This will be a great help because, as an individual, one is not really aware of all the options, one doesn’t know where the forms are available, most of the time one finds it difficult to properly fill the forms and finally the hassle of going to different banks or offices to submit the forms is really time-consuming.
3. Ask employees what assistance, if any they need at their intended post – retirement city / town and provide whatever the company can without incurring a huge expenditure. Some nominal budgetary limit can be defined and established for this purpose.
4. Offer company equipment, if they are likely to be disposed anyway, like cars (most companies already have schemes), computers, Xerox machines, air-conditioners, file storage cabinets, office furniture etc. This is a ticklish area but can be worked out -- in any case it can start with one or two goods and later extended as the company deems fit.
5. Introduce employees (due to retire) to company contacts like local government officials, dealers, possible customers for employees intended post-retirement work etc.
6. Offer company infrastructure for fixed period (say 1 year) to enable employee start work if he wishes to be self – employed e.g. office or godown space. Alternatively, help him secure such space through company contacts in that place.
7. Offer to provide training to retiring employees in specific skills which will be of use to them in their post-retirement work e.g. computer / software usage.
8. Consider a post –retirement medical insurance support for medical reimbursement scheme, especially for major diseases and hospitalisation.
9. Consider using the retiring employees as mentors / coaches for senior staff who are being groomed for higher positions and similarly consider them as trainers for new employees.
10. Use employees for project – assignments. In this context, ask them if they would like to identify anything that needs to be done in the organisation which has long been contemplated but never actually been done e.g. a) cataloguing all the technical literature in the company, or b) creating / updating manuals for different products of the company or c) creating a vendor database or d) creating a customer database classified by region, products, purchase size etc.
11. Help them buy Office Equipment at Company rates when they wish to acquire new equipment.
12. Offer them use of company’s expert services on commercial matters related to taxation, return filling and filing and other such statutory obligations. This can be done in a systematic and cost – effective way by having one day fixed in the moth for such queries and clarifications wherein a group of experts in these matters, who are company employees or company advisors on retainer come together in a kind of “mela set – up” to offer advice and solutions to the ex – employees on all such matters.
The basic premise in the above suggestion is that the company acknowledges a continuing sense of responsibility to employees that retire from the company. These will typically be people who have put in long years of service, and hence, it is postulated, need and deserve this special treatment.
This is a more encompassing view than today’s which is purely transactional and official. This calls for a cultural change and intellectual change which are not easy to bring about. Nevertheless it is offered for the reader’s consideration and debate.
The combination of HR assistance to retired employees and the employees own preparation for it can truly assist in converting “retirement planning” to a more purposeful “planning for retirement”.
June 14, 2006
Mumbai
Author : Shri Hemendra K. Varma is the Managing Director of “pratik management productivity systems pvt ltd” a management consultancy organisation headquartered in Mumbai and can be contacted at hemenvarma@pratikmps.com.
When one talks of “Retirement Planning” the focus is invariably on “retirement” --i.e. when am I going to retire, how much time left till I am due for retirement, will I get extension, How long will the extension be for, will they give me last pay or something less (and how much less), will the perquisites be extended, at least some or will it all be withdrawn. Under these barrage of questions and speculation, the associate intent of “planning” gets submerged and moves into the background - till one day, lo and behold, retirement day arrives and I have not yet planned for tit.
On the other hand if one rephrases this activity as “Planning for Retirement” it is my submission that “Planning” will take centre – stage and one’s retirement will just be one phase that one will factor in, in the much broader canvas of “planning for the rest of one’s life”.
So what does Planning for Retirement mean ? Like all other planning activities, Planning for Retirement must also proceed on some assumptions. The first assumption must be that I will retire one day (rather obvious you might say) and that day will be my official retirement date as per my employment terms (not so obvious). In other words, our planning must consciously exclude any possibility of extension, even if past precedents and subtle hints suggest that you are likely to get it. If you cannot steel yourself to the fact that you are not going to get extension, there is little chance of your planning for retirement.
Having got over this hump, the next step is to spend considerable time with yourself and subsequently with your spouse to determine two major issues that are the bedrock of retired life: one, where do you want to retire to, i.e. do you wish to continue to stay in the same city where you were working or do you wish to settle in any other place, be it your hometown or some other place that both of you have fallen in love with.
The second is to discuss and determine what both of you wish to do after retirement, where “do not wish to do anything” is as legitimate a choice as any other. What you wish to do can often influence the answer to the first question i.e. where do you want to spend your retired life. Of course, it is also true, vice versa.
One of the constraints that most people experience in choosing what they want to do is the “trappings and status of their past job”. Hence they rule out many things which are both paying and enjoyable simply because “what will people think about such a senior executive running a shop or an STD booth or giving tuitions or teaching in a school ?” It is important and necessary to get out of such thinking, though, admittedly it is not easy. However, the way to handle this is to apply the following criteria: Am I doing something illegal ? Am I doing something that amounts to begging ? Am I doing something which borders on swindling / cheating ? If the answer to all such questions is no, then unhesitatingly do whichever gives you most satisfaction, not necessarily money or status.
Remember, the chase, after retirement should not be for money or status. Rather it should be for satisfaction and happiness, and whatever money or status you get should be the result of what you do, not the purpose. The simple reason for saying this is that one has to take into account one’s age and health. If one is going to relentlessly chase money and status post-retirement age, then one will only be shortening one’s remaining life and also making the years lived most stressful and, therefore, hardly enjoyable.
If this physical fact can be grasped and intellectually accepted, it will help make decisions much easier. Post - retirement, health is primary, and you should only do things which are comfortable and enjoyable so that you can avoid the physical health getting affected by your emotional and intellectual stresses. Besides, carrying on with your yoga and exercise regime is as important now as it was before, with the only change that the time for your exercise/yoga will now be more important than any other occupation. This is only possible if the chase for money and status is subjugated to the goal of satisfaction and happiness.
Where and when to start “Planning for Retirement ?” It is best to start at least 10 years before your retirement is due. – i.e. late forties is the latest you should start. The earlier you do the better. The following are some of the steps one might consider.
1. Start by opening separate bank accounts for yourself and your spouse in the place where you wish to retire. If it is the same city / town where you are currently working, then do so in another bank. If it is some other place where you wish to go to retire after retirement, then open the accounts there. Next, start depositing some regular amount, every month in these retirement accounts rather like an EMI on your “Retirement Comfort Purchase”.
This is the only way you will build up a corpus for retirement. Further, instruct your bank that amounts above a small minimum, say Rs. 10,000/- should be put in FDs, for durations that offer the best interest rate at that time, in lots of Rs. 25,000/- each. (Figures are only illustrative – you should choose what you think is right). Thus, if you mange to put away Rs. 10,000/- every month, you will be saving a principal amount of over Rs. 12 lakhs at the time of retirement and with compounded interest it can reach anything between Rs. 16 to Rs. 22 lakhs, which is a decent amount.
2. Anytime after 40, invest in a LIC Policy of 20 years duration. A good policy to consider is Jeevan Anand with profits and with accident benefits. A policy for maturity amount of Rs. 10 lakhs and for a 15 year-period will require an annual premium of only Rs. 80,000/- But, if you survive, the estimated (not guaranteed) sum when you are 60 years is likely to be Rs. 26.00 lakhs. In addition, your next-of-kin will also get the sum assured of Rs. 10 lakhs on your death, and if the death is caused by accident (up to the age of 70), then your next-of-kin will get Rs. 20 lakhs instead of Rs, 10 lakhs. It is possible to pay this kind of premium amount (approx Rs. 7000/- per month) while one is working and earning a regular salary and is an option that must be seriously explored.
3. An excellent idea suggested to me by my good friend Shri Anil Bijlani, CEO of Applicomp India, Bangalore, was that one should put at least 25 % of one’s annual increment amount in savings. This is not difficult to do as one has been living on the previous income, anyway. However, silently, this will build up a very tidy corpus over the years. Yet another suggestion he made was that in view of the highly flexible and easy “home loans” available, every young manager should try to acquire a house for himself while he is working. This will take care of one of the major worries and expenses after retirement.
4. Make a list of what regular expenses currently are “show expenses” or “non – essentials” and which you would like to eliminate so that cash flow becomes and remains positive. For example, you may be currently entertaining twice a month. This may partly be because you enjoy it, partly because your job demands it and partly because you can afford it. After retirement, the latter two reasons disappear; even if the first remains, i.e. “You enjoy it” you need to actively consider dropping it or reducing the frequency and the scale.
Some of the other things to consider in such a category are a) going to movies, b) subscribing to a large number of magazines, c) attending expensive music concerts and plays, d) smoking, pan paraag and alcohol, e) expensive cosmetics, f) frequent purchase of clothes etc.
In other, words, try to simplify your life, as much as possible from the “needs” point of view. If you can start doing this from your early fifties, the transition to retirement will be that much easier and the strain on your finances will be substantially reduced. In fact you will be pleasantly surprised with “how little one actually requires to live comfortably:” And then only the realization dawns, that many things we acquired or regularly “used / consumed” was simply because we could afford to and not necessarily because we needed to.
5. Now look at avenues for engagement and income. While this is essentially a personal choice, depending on one’s interest and competencies, some general ideas to explore are : tuitions in subjects that you have mastery, hobby classes in areas where you have special talent (e.g. painting, music, gardening, yoga etc.), interview guidance for job aspirants (if you have been actively engaged in taking interviews in your job), insurance policy selling, making cartoons, sculpture, opening a library at home if you have large a collection of good books (minimum 1000 would be required to attract sufficient members), providing training in computer and internet usage, if you have a computer and are well versed in internet browsing, MS Office or Star Office or in some special applications like MS Project (or equivalent), any Statistical Package, or some Graphics package like CorelDraw, Macromedia, Scala etc..
6. If you wish to take up another job or some regular assignment, one of the talents you must equip yourself with is fluency with computer usage, particularly Word Processing, Spreadsheet and Presentation package. In addition you should develop good familiarity with Internet browsing and e-mailing. It is a good idea to consciously learn this in the job that you are currently in.
Most organisations are highly computerized today and each organisation has one or two experts in the various packages mentioned above. Even if the expert happens to be younger than, or junior to you, ask for his / her help in learning this package. This talent will give you a great advantage in getting post – retirement jobs.
7. Start developing business and social contacts from now on in the intended place of your retirement. This will make your transition in that place smooth and as painless as possible. Collect visiting cards and send greeting cards.
8. If you have the talent and can find the time, consider writing, be it books or articles, as an engagement. While this may not be necessarily a money-earning option, it will give you great satisfaction to see your name in print and will help make up the “recognition vacuum” that one invariably faces after retirement when suddenly those who knew you forget you (because you don’t hold any official position” and those who don’t know you are not particularly interested in doing so.
Similarly, if you have a talent for public speaking, start addressing gatherings in professional organisations like AIMA, HRD Network, NIPM, IEI, IIMM, IPE, IIIE etc. Alternatively, and additionally, take part in activities of Social Clubs and associations. This greatly helps in widening the circle of your contacts and each of such contact can come in handy some time or the other.
9. Learn cooking, so that either spouse can handle the absence of the other when he or she is away; else, food, which is a daily necessity becomes a big drag on the freedom of travel and work for either spouse.
10. Make your will -- however tentative it might be and make sure that each time you make changes you have the will ratified by witnesses and registered.
This is so far as the individual is concerned. What about the organisation ? What could be the role of the HR Department in helping an employee plan for retirement ?
The very first argument against doing is this is : it is not our job, we are responsible for the employee only till the time he works with us. So actually the work begins here. It is submitted that CEOs and HR Heads must consider responsibility towards an employee, post-retirement, as a part of their job and re-interpret the HR function to that extent.
What is it that an organisation can do ? Once again, here is a tentative list, offered for consideration :
1. Have a structured briefing session for all employees who are around 6 to 7 years away from retirement, asking them to articulate the following :
1.1 Where do they wish to re-locate to after retirement ?
1.2 What do they wish to do on retirement ?
1.3 What do they estimate is their cash flow requirements after retirement and what do they estimate they are firmly tied up for ? The gap, if any will be the target amount that needs to be generated through additional sources of income.
1.4 What is the state of their health, when was the last thorough check – up they have had, what is the fixed expense (on some regular medicines or treatment) they are already incurring ?
1.5 Have they drawn up their will and do they need help in doing so ?
The above will not only serve as a good starting point for the organisation as to the areas in which it can offer help, but more importantly, bring a much sharper sense of realization in the employee as to the areas in which he needs to get himself ready.
2. Hold a session with a finance planning expert (the company’s personal taxation expert will do for a start) to advise them on juggling their savings portfolio to be able to get as close as they can to the target amount of cash inflow required every month or every year.
The organisation can even arrange for investment agents to come over and help the employees make their investments or change their investment portfolios in the office itself. This will be a great help because, as an individual, one is not really aware of all the options, one doesn’t know where the forms are available, most of the time one finds it difficult to properly fill the forms and finally the hassle of going to different banks or offices to submit the forms is really time-consuming.
3. Ask employees what assistance, if any they need at their intended post – retirement city / town and provide whatever the company can without incurring a huge expenditure. Some nominal budgetary limit can be defined and established for this purpose.
4. Offer company equipment, if they are likely to be disposed anyway, like cars (most companies already have schemes), computers, Xerox machines, air-conditioners, file storage cabinets, office furniture etc. This is a ticklish area but can be worked out -- in any case it can start with one or two goods and later extended as the company deems fit.
5. Introduce employees (due to retire) to company contacts like local government officials, dealers, possible customers for employees intended post-retirement work etc.
6. Offer company infrastructure for fixed period (say 1 year) to enable employee start work if he wishes to be self – employed e.g. office or godown space. Alternatively, help him secure such space through company contacts in that place.
7. Offer to provide training to retiring employees in specific skills which will be of use to them in their post-retirement work e.g. computer / software usage.
8. Consider a post –retirement medical insurance support for medical reimbursement scheme, especially for major diseases and hospitalisation.
9. Consider using the retiring employees as mentors / coaches for senior staff who are being groomed for higher positions and similarly consider them as trainers for new employees.
10. Use employees for project – assignments. In this context, ask them if they would like to identify anything that needs to be done in the organisation which has long been contemplated but never actually been done e.g. a) cataloguing all the technical literature in the company, or b) creating / updating manuals for different products of the company or c) creating a vendor database or d) creating a customer database classified by region, products, purchase size etc.
11. Help them buy Office Equipment at Company rates when they wish to acquire new equipment.
12. Offer them use of company’s expert services on commercial matters related to taxation, return filling and filing and other such statutory obligations. This can be done in a systematic and cost – effective way by having one day fixed in the moth for such queries and clarifications wherein a group of experts in these matters, who are company employees or company advisors on retainer come together in a kind of “mela set – up” to offer advice and solutions to the ex – employees on all such matters.
The basic premise in the above suggestion is that the company acknowledges a continuing sense of responsibility to employees that retire from the company. These will typically be people who have put in long years of service, and hence, it is postulated, need and deserve this special treatment.
This is a more encompassing view than today’s which is purely transactional and official. This calls for a cultural change and intellectual change which are not easy to bring about. Nevertheless it is offered for the reader’s consideration and debate.
The combination of HR assistance to retired employees and the employees own preparation for it can truly assist in converting “retirement planning” to a more purposeful “planning for retirement”.
June 14, 2006
Mumbai
Author : Shri Hemendra K. Varma is the Managing Director of “pratik management productivity systems pvt ltd” a management consultancy organisation headquartered in Mumbai and can be contacted at hemenvarma@pratikmps.com.
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