Early Retirement

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Early Retirement

Retirement before the normal age, which is generally between 55 and 65. Early retirement may occur because a person attains financial security for the remainder of his/her life before most of his/her peers. Unfortunately, it may also occur due to injury or inability to work in one's field. People in early retirement may qualify for pension or government benefits, but generally they are less than those who retire at full age.
References in periodicals archive ?
Howard County Public School System in Maryland considers offering early retirement incentives a pretty effective cost-saving strategy.
"The problem with early retirements is that those leaving are not surplus to requirements.
It's no secret that city officials were a bit disappointed by the results of the early retirement program offered to certain municipal and public school employees a few months ago.
Kookmin Bank, a unit of South Korea's KB Financial Group Inc (105560.SE) (NYSE: KB), has said that approximately 3,000 employees have applied to the management for early retirement, reports Dow Jones.
A CASH strapped council will have to fork out up to pounds 305,000 from its general reserves to pay-off teachers in early retirement deals to avoid compulsory redundancies.
A former council leader has called on the authority's external auditors to investigate payments made to the chief executive, who is taking early retirement. Jeff Jones, who led Bridgend Council until two years ago, says he is appalled at the reported pounds 390,000 payout to chief executive Keri Lewis.
Delta Air Lines is expecting 100 pilots to take early retirement on 1 December 2004 as a new 32.5% pay cut agreed by the unions comes into force.
For the purpose of this article, early retirement incentives are defined as temporary incentives or "windows" that alter the normal retirement benefit, typically requiring an amendment to state or local law.
This will reinforce the early retirement culture that already exists and it will, over the years, incur a huge cost.
John Cunningham, spokesman for the builders union Ucatt, said the jump in early retirements was an obvious consequence of the decision to privatise council house repairs.
said Monday it plans to cut 150 jobs through an early retirement program to rationalize operations amid increasing competition.
The government was keen to stress the issue had not arisen during the Labour administration, but had peaked at around 40,000 public sector early retirements per year under the Tories in the mid-1990s.

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