Nov 20, 2009
Maybank inks rehiring pact
By Kor Kian Beng, Political Correspondent
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Maybank Singapore has inked a new re-employment agreement with its staff unions, promising to give a one-off payment to older employees who cannot be re-hired beyond the retirement age of 62. -- ST PHOTO: MARK CHEONG
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.
Read the full report in Saturday's edition of The Straits Times.
Latest comments
<table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">Why aren't local companies getting off their asses and doing something? It took a Malaysian bank you set the pace. Since the government says we should be globalized, we should all withdraw our money from posb and dbs and deposit it in Maybank. They are supporting Singaporeans.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: DaveMMSG at Fri Nov 20 22:16:10 SGT 2009
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Can anyone shed some light about CIMB?Is it another Malaysia incorporated bank?
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: mollimolli at Fri Nov 20 21:06:51 SGT 2009
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I am a Maybank customer. My friends and relatives now bank with this bank , because they are very reasonable with their bank charges as they value long term business relationship more than most local bank that I know of.
Have always been happy with their service...
Keep it up Maybank...
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: kokoobird at Fri Nov 20 21:04:30 SGT 2009
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What a shame,it takes a Malaysia incorporated company to set the pace for a national initiative.This is to show very clearly that businesses in SG only care about their bottomlines.
Maybank is the frontrunner in this aspect and will certainly have my support.Will set the pace to show support to Maybank and probably will close my DBS bank account and change to Maybank.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: mollimolli at Fri Nov 20 20:46:50 SGT 2009
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Does DBS know what this is?
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: CCLCCLCCL at Fri Nov 20 18:55:31 SGT 2009
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Maybank inks rehiring pact
By Kor Kian Beng, Political Correspondent
<!-- end by line -->
<!-- end left side bar -->
Maybank Singapore has inked a new re-employment agreement with its staff unions, promising to give a one-off payment to older employees who cannot be re-hired beyond the retirement age of 62. -- ST PHOTO: MARK CHEONG
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.
Read the full report in Saturday's edition of The Straits Times.
Latest comments
<table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">Why aren't local companies getting off their asses and doing something? It took a Malaysian bank you set the pace. Since the government says we should be globalized, we should all withdraw our money from posb and dbs and deposit it in Maybank. They are supporting Singaporeans.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: DaveMMSG at Fri Nov 20 22:16:10 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="AlternatePost" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">
Can anyone shed some light about CIMB?Is it another Malaysia incorporated bank?
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: mollimolli at Fri Nov 20 21:06:51 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">
I am a Maybank customer. My friends and relatives now bank with this bank , because they are very reasonable with their bank charges as they value long term business relationship more than most local bank that I know of.
Have always been happy with their service...
Keep it up Maybank...
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: kokoobird at Fri Nov 20 21:04:30 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="AlternatePost" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">
What a shame,it takes a Malaysia incorporated company to set the pace for a national initiative.This is to show very clearly that businesses in SG only care about their bottomlines.
Maybank is the frontrunner in this aspect and will certainly have my support.Will set the pace to show support to Maybank and probably will close my DBS bank account and change to Maybank.
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: mollimolli at Fri Nov 20 20:46:50 SGT 2009
</td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td style="vertical-align: top;" align="left"><table style="width: 100%;" cellpadding="0" cellspacing="2"><tbody><tr><td style="vertical-align: top;" align="left"><table class="Post" style="width: 100%;" cellpadding="0" cellspacing="0"><tbody><tr><td style="vertical-align: top;" align="left">
Does DBS know what this is?
</td></tr><tr><td style="vertical-align: top;" align="left">Posted by: CCLCCLCCL at Fri Nov 20 18:55:31 SGT 2009
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