Modelling Age and Retirement in Manpower Planning Available to Purchase

Modelling for age and retirement becomes essential in many situations where promotion is age‐based and retirement is on attaining a particular age. A step by step approach to modelling retirement and average age of population through system dynamics is presented. The deterministic situation, with fixed residence time, is presented first and, then, the system equations are modified to accommodate probabilistic age of individuals by normal distribution. The proposed model has been tested and a few policy alternatives are suggested.