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English definition of “retire”

retire

verb     /rɪˈtaɪər/
[I] HR, WORKPLACE to leave your job or stop working , usually because of your age or ill health : She has no plans to retire.retire from sth Jenkins retires from the firm this year .retire as sth Elkin has retired as a director after 12 years on the board retire at sth Can I get hold of the cash in my pension fund before I retire at 65? James had to retire early after suffering three heart attacks in 2007.
[T, often passive] HR, WORKPLACE, MANAGEMENT if an employer retires an employee , they make the employee leave their job , usually because they are near the age at which they would normally stop working , or because they are ill : He was retired early by his firm . Companies typically retire workers at 60 and then hire about half of them back, often at 50-70% of their previous pay .
[T] FINANCE to pay back a debt or loan completely : The funds were used to retire debt and to finance expansion . Even after the state reduced benefits to workers and raised taxes on employers , it took until 2010 to retire that loan .
[T] to take a machine or piece of equipment out of use because it is old and no longer useful : The European-made Concorde was retired from British and French service in 2005. Among the other measures is a $35 rebate to retire older refrigerators for newer , more efficient ones .
(Definition of retire verb from the Cambridge Business English Dictionary © Cambridge University Press)
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