What is the purpose of asking such question. Yes. You can engage them as like adviser of your company, if he retires from the post of CEO or some director/GM or any other higher post. If they are in middle level then also you can engage them as like adviser to department where he worked.
You can superannuate them on attaining the age of 58 years and if you feel their services are required for your organisation, then you can enter into a contract with them for 1 year and further you can extend the same for years together. For Pay package you can offer a consolidated salary/honorarium. In that you can deduct only the TDS Part and nothing else is required.
Let us wait for other members reply.
6th May 2013 From India, Kumbakonam