My First Time Getting the Bylines for NST

Retirement at 60:
70,000 bank employees stand to gain from move

Source : NST dated August 30th, 2010

Huhu. I still remember that day. Crazy. But it was an awesome day though.

I was in the NST news room to do my assignment for Advance Reporting, A Day With A Print Journalist. So I was attached to Azim, one of the journalist there.

But it happened that Mr Daniel was going down to the field, so I followed him. And suddenly Leslie, the NST news editor asked me to help Miss Suganthy and Roy See to gather info.

The story was about retirement age that has been extended to 60. Well, there's pro and cont's about that issue either. By the way, I need to call NUBE Sec-Gen Mr J Solomon. Still I couldnt believe to be talking to him through my phone. Great experience. :)

So there it goes. My byline for the story. The best part is, my info was taken as the lead! Credits to those in the NST news desk. They are awesome. Really awesome. =)

Here how the story goes:

Retirement at 60:
70,000 bank employees stand to gain from move

2010/08/30

By Suganthi Suparmaniam, Roy See and Nor Hidayati Mokhtar
news@nst.com.myShare


KUALA LUMPUR: Local banks and the National Union of Bank Employees (NUBE) have agreed to raise the retirement age for employees from the current 55 years to 60.

This was one of the matters agreed to at a meeting between the Malaysian Commercial Banking Association (MCBA) and the union earlier this month, NUBE secretary-general J. Solomon told the New Straits Times yesterday.

It is understood, however, that it would be up to the individual banks as to when they plan to introduce the new retirement age as unlike in the public sector, there are no specific provisions on the matter in the law.

MCBA executive director Abdul Jalil Mohamad said the decision to raise the retirement age was a bank’s prerogative and its internal policy. The nine local banks have about 70,000 employees, of whom 40,000 are unionised staff.

Malayan Banking Bhd was the first bank to raise the staff retirement age. Its president and chief executive officer, Datuk Seri Abdul Wahid Omar, announced last week the decision to raise the retirement age for all its management staff from 55 to 57.

On the rationale for raising the retirementage, Solomon said due to the present trend of late marriages, children of workers would not have reached full financial independence by the time their parents retire at 55.

The extended retirement age would allow parents to continue earning to support both themselves and their children.

“Retiring our skilful workers at 55 will also create a vacuum as they can still contribute to the industry.” Human Resources Minister Datuk Dr S. Subramaniam, in welcoming Maybank’s decision to raise the retirement age of its management staff, said he hoped other banks would follow suit.

He said for private sector companies, it was up to their managements and workers to decide on their retirement age. Malaysian Trades Union Congress (MTUC) president Syed Shahir Syed Mohamud said raising the retirement age of workers had been on the agenda of the MTUC for some time.

“We sent a memorandum to the previous prime minister four years ago on raising the retirement age to 60.”

He, however, stressed that any extension of the retirement age should be made optional for the employees.

“Some people may not want an extension after 25 or 30 years of working. They must be given the option of wanting to work longer or leave at 55.

“We are not sure why we stop working at age 55. Singapore’s retirement age is 62 while in Laos it is 60. I think it’s high time the Malaysian government took a look at our retirement age.”

Meanwhile, bank employees have welcomed the move.

V. Gobi, 29, who works in the credit card section in Maybank, said he was happy with the bank’s move as it would mean that he could contribute to the family for a longer period.