Maybank inks rehiring pact
Nov 21, 2009
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Maybank's Head of Human Resource Wong Feng Kye (middle) signed an MOU with General Secretary of Singapore Bank Employees' Union Bobby Tay (extreme left) and Deputy General Secretary of Singapore Bank Officers' Association Phua Tien Tim on the re-employment of older workers. -- ST PHOTO: KEVIN LIM |
MAYBANK has become the first bank here to pledge that it will give a one-off payment to employees who cannot be rehired beyond retirement age.
This is a key feature in a set of tripartite proposals announced on Monday on the rehiring of workers beyond the legal retirement age of 62.
The bank also promised to end the practice of cutting the pay of employees when they turn 60, although this is allowed under the law.
The new policy was announced on Friday when the Malaysian bank inked a re-employment agreement with two unions: the Singapore Bank Employees' Union (SBEU) and the Singapore Bank Officers' Association (SBOA).
The signing, at Maybank Tower in Raffles Place, was witnessed by Ms Pollie Sim, its country head here, and Mr Heng Chee How, deputy secretary-general of the National Trades Union Congress.
Maybank's adoption of the one-off Employment Assistance Payment (EAP), and other key proposals in the draft re-employment guidelines, puts it ahead of about 30 unionised banks here.
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