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Retirement Statement Letter

Retirement Statement Letter Template for Malaysia

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Key Requirements PROMPT example:

Retirement Statement Letter

"I need a Retirement Statement Letter for our Manufacturing Director who will retire on March 15, 2025, including provisions for a 6-month consultancy role post-retirement and continued medical benefits for 2 years."

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Document background
The Retirement Statement Letter is a crucial document in Malaysian employment practice that formally documents an employee's transition into retirement. This document is typically issued when an employee reaches the statutory retirement age of 60 (as per the Minimum Retirement Age Act 2012) or opts for early retirement where permitted. It serves multiple purposes: confirming the retirement date, outlining financial entitlements, detailing the handover process, and ensuring compliance with Malaysian employment laws. The letter includes important information about EPF withdrawals, final settlements, and any post-retirement benefits or arrangements. It acts as an official record for both the organization and the employee, helping to facilitate a smooth transition into retirement while protecting both parties' interests.
Suggested Sections

1. Letter Header: Company letterhead, date, reference number, and addressee details

2. Subject Line: Clear indication that this is a retirement statement/confirmation

3. Opening Statement: Formal acknowledgment of the employee's retirement and confirmation of the retirement date

4. Service Recognition: Statement acknowledging the employee's years of service and contributions

5. Retirement Details: Confirmation of last working day and effective retirement date

6. Financial Information: Overview of final salary, retirement benefits, and EPF withdrawal information

7. Company Property: Instructions regarding return of company property and handover procedures

8. Closing Statement: Expression of gratitude and good wishes for retirement

9. Signature Block: Authorized signatory details, including name, designation, and company stamp

Optional Sections

1. Post-Retirement Benefits: Details of any continuing benefits like healthcare coverage or club memberships, if applicable

2. Consultancy Arrangements: If the retiree will continue serving in an advisory capacity, details of the arrangement

3. Outstanding Obligations: If there are any pending matters or obligations to be settled

4. Exit Interview: Information about exit interview arrangements, if company policy requires

5. Retirement Celebration: Details of any farewell events or ceremonies planned, if applicable

Suggested Schedules

1. Benefits Summary: Detailed breakdown of retirement benefits, gratuity calculations, and payment schedule

2. Clearance Checklist: List of departments from which clearance is required before final settlement

3. Contact Information: Important contact details for HR, EPF office, and other relevant departments for post-retirement matters

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Manufacturing

Financial Services

Technology

Healthcare

Education

Public Sector

Retail

Construction

Energy

Telecommunications

Professional Services

Hospitality

Transportation

Agriculture

Mining

Relevant Teams

Human Resources

Finance

Legal

Compliance

Operations

Administration

Executive Office

Corporate Secretariat

Payroll

Employee Relations

Relevant Roles

Chief Executive Officer

Managing Director

General Manager

Department Head

Senior Manager

Manager

Executive

Administrator

Supervisor

Technical Specialist

Professional Staff

Support Staff

Operations Staff

Skilled Worker

General Worker

Industries
Minimum Retirement Age Act 2012: Sets the minimum retirement age at 60 years for private sector employees in Malaysia, with provisions for optional early retirement agreements
Employment Act 1955: Provides the fundamental framework for employment relationships, including termination procedures and retirement-related rights and obligations
Employees Provident Fund Act 1991: Governs the mandatory retirement savings scheme for private sector employees, including withdrawal provisions upon retirement
Employees' Social Security Act 1969: Regulates social security benefits and protection for employees, including retirement-related benefits and insurance
Income Tax Act 1967: Relevant for taxation aspects of retirement benefits, gratuities, and pension payments
Pensions Act 1980: Applicable for public sector employees, governing pension schemes and retirement benefits for civil servants
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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