Maybank’s staff retire at age of 57
Malaysia’s largest bank, Maybank has raised the retirement age for all its management staff from 55 to 57. With immediate effect, all female management staff will also enjoy a 90-day paid maternity leave as against 60 days previously.
The bank, he added, decided to extend the retirement age for all employees by another two years based on the feedback received.
Maybank has close to 40,000 employees with more than 400 branches nationwide; and a strong regional presence in South-East Asia as well as offices in New York and London.
It is understood that the employees will have to submit an application six months before they reached 55 if they wished to remain with the bank. (However, former employees of Phileo Allied Bank and Pacific Bank who were absorbed by Maybank after a merger exercise in 2000 still have the option to retire at 60 based on the contract of service with the two banks before the takeover. They, however, have an option to retire at 55).
On Tuesday, the National Union of Bank Employees signed a new collective agreement with the Malaysian Commercial Banks Association. NUBE represents some 45,000 clerical staff in the banking sector.
With the signing, the banking industry has become the first in the country to implement the 90-day maternity leave for its female employees. Non-management staff would also get a Cost of Living Allowance between RM100 and RM150 depending on their place of work.
Via : The Star
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Category: Employer, Employment
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