Retirement Plans

Estimate Your Retirement Needs

Every chemical engineer needs to develop a sound retirement plan, and a key question is how much savings will be required to meet retirement needs. Equations which will assist the chemical engineer in evaluating the impact of inflation on retirement savings are presented. A simplistic approach is also presented for quick estimates but a more rigorous cash-flow method is also described. Tables illustrate that even a modest inflation rate can significantly reduce the number of years for which savings will last and the current value of the savings.

Optimal Time for the Withdrawal Of The Voluntary Retirement Scheme In Manpower Planning

In any organization the required staff strength is maintained through fresh recruitments. The exit of personnel from an organization is a common phenomenon which is known as wastage. Many stochastic models dealing with wastage is found in Bartholomew and Forbes (1979). In production oriented organization the staff strength is based on the volume of production which in turn depends on the market conditions. Any organization may like to reduce the staff strength whenever it crosses the required level. A well known policy is to allow the employees to go on voluntary retirement providing them with suitable financial package as compensation or incentive. A period of length T years is considered during which the employees are permitted to go on voluntary retirement on k selected epochs. As and when the staff strength reaches a level, which is called the threshold level the voluntary retirement scheme is withdrawn because the staff strength reaches the required level. The optimal length of T years which is numerically illustrated with graphs is obtained based on certain assumptions.

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