According to the Industrial Dispute Act, which of the following statements correctly describes retrenchment?
1
Retrenchment refers to the voluntary retirement of a workman initiated by the workman themselves.
2
Retrenchment is the termination of a workman’s service by the employer for any reason other than disciplinary action.
3
Retrenchment occurs when a workman retires upon reaching the age of superannuation as per the employment contract.
4
Retrenchment includes termination due to a workman’s continued ill-health.