Early Retirement Policy

Intent

This Policy supports continuous renewal of the skills profile of the University’s workforce through the provision of an early retirement incentive for Staff Members.

Scope

This Policy applies to all continuing Staff Members covered by the James Cook University (JCU; the University) Enterprise Agreement.

Definitions

For a comprehensive list of definitions, please refer to the Human Resources Policy Glossary.

Policy

1. Early Retirement Incentive

1.1 Continuing Staff Members may apply to cease working earlier than the statutory retirement age via an early retirement and, if approved, receive a financial benefit in the form of an incentive payment. This incentive payment does not receive the taxation benefits of an Australian Taxation Office approved scheme.

2. Criteria

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

• There is a need to renew the staff profile of the Work Unit; and
• There is no detriment to the operations of the Work Unit, or any other area of the University.

2.2 The University retains the right to decline applications that would be detrimental to the operations of the respective Work Unit, or any other area of the University.

3. Early Retirement Incentive Payment

3.1 The incentive payment is a lump sum equivalent to two weeks’ salary, calculated subject to clauses 3.2-3.5, for each completed equivalent full-time year of service with the University up to a maximum of 52 weeks.

3.2 The benefit will be calculated on the Staff Member’s current salary, including allowances and loadings at the date of separation.  Where the Staff Member is 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 12 months including superannuable shift and penalty payments.

3.3 The benefit calculation for Staff Members 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 separation.

3.4 Calculation of the benefit will exclude periods of unpaid leave except for unpaid parental leave.

3.5 Time worked as a casual will not be included in the calculation.

Related policy instruments

Early Retirement Procedure

Early Retirement Application Form

Schedules/Appendices

Nil

Related documents and legislation

JCU Enterprise Agreement

Administration

NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.

Approval Details

Revision History