Early Retirement Policy

Intent

In order to assist in adjusting the skills profile of the workforce in line with technological and organisational change, the University provides, from time to time, an early retirement which offers an incentive to staff to take early retirement in accordance with the provisions outlined in this policy and the Early Retirement Procedure.

Scope

Early retirement is available to all continuing full-time and part-time staff members.  There is no age restriction.

Policy

1. Limitations to Further Appointment with the University

Staff who accept an incentive payment for early retirement will not be eligible for appointment to a position at the University in any capacity for a period of two years from the date of termination.

2.  Criteria

The following criteria will be used to assess applications for early retirement:

• There is a need to adjust or renew the staff profile of the College/Division; and
• There is no detriment to the operations of the College/Division, or any other area of the University.

The early retirement will provide the opportunity for re-organisation and re-profiling of staff requirements.

The University retains the right to decline applications that would be detrimental to the operations of the respective College/Division, or any other area of the University.

3.  Benefits

The incentive payment is a lump sum equivalent to two weeks superannuable salary, at the current rate, for each completed equivalent full-time year of service with the University up to a maximum of 52 weeks.

The benefit will be calculated on the employee's salary, including superannuable allowances and loadings at the date of the cessation of employment. Where staff are regularly paid shift or penalty rates, the salary used for calculation purposes will be based on the average of the fortnightly salary calculated over the preceding twelve months including superannuable shift and penalty payments.

The calculation for staff who have worked both full-time and part-time during their period of service will be based on the equivalent years of service at their employment fraction on the date of ceasing employment.  Calculation of the benefit will exclude periods of unpaid leave except for parental leave.  Time worked as a casual will not be included in the calculation.

Other leave entitlements including annual and eligible long service leave will be paid on termination.

Approval Details

Modification History