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At a time when life expectancy is seeing an upward trend, some Indian IT services companies have started reducing the retirement age of employees.
With this move, they are looking to optimise costs as the need for new skills takes precedence over seniority.
Recently, Tech Mahindra reduced the retirement age of its ‘U’ band of employees to 55 from 58. ‘U’ is the entry-level band at the Pune-headquartered company constituting staff from freshers to seven years of experience. The largest number of the company’s employees fall under this category. Similarly, HCL Technologies has already reduced the retirement age of its
