Thursday, June 14, 2012

Minimum Retirement age Bill tabled for first reading

The Minimum Retirement Age Bill was tabled in Parliament on Wednesday paving the way for private sector employees to retire at the age of 60.

The Bill does not apply to employees under probation, foreigners, domestic servants or those who have already retired at 55 and are subsequently re-employed.

The Bill allows for punishment of employers who “prematurely retire” an employee before 60 with a fine of up to RM10,000.

The Bill also allows the Labour Department director-general to probe into complaints of “premature retirement” by staff and direct for reinstatement and compensation.

The order will be enforced six months after the date of gazette for private sector employees.

Source: The Star..Retirement age Bill tabled for first reading

Related article:
Donald Lim: EPF looking into concerns of those near retirement

No comments:

Related Posts Plugin for WordPress, Blogger...