One of the largest banks has come up with a very catchy slogan that talks about the ‘soul’ because the retirement age of its management staff has been raised to 65 years.
I recall that back in 1997, about 10,000 employees aged 55 years and above were most heartlessly sacked with just one stroke of a pen. Perhaps, the banking establishment has now realised that experience and skill have no substitute and have justified this as bank’s commitment to the wellbeing of its staff and to improve quality of life.
It has been acknowledged that growth would not have been possible without the efforts of the staff over the last several decades. This is the same staff that was sacked and left high and dry without any consideration of the consequences, mental anguish and torture that most of the sacked staff and their families would undergo — and did — due to such drastic and inhumane treatment.
So very paradoxical that now, after so many years, when most of the old bankers have gone to their heavenly abode or are on the last leg of the journey, their services have been recognised.
To my understanding, increasing the retirement age seems like an inexpensive way to motivate the employees many of whom are moving out in search of greener pastures.
Although the step taken to shift the retirement age is both motivational and encouraging for the existing staff, there is another angle to the matter; will this not hamper the induction of the bulging unemployed youth of the country?
Also, real commitment to the wellbeing of employees and quality of life does not get reflected in merely increasing the retirement age, but in raising the remuneration of the staff and providing some post-retirement benefits to the workers as well, like medical facilities.
MUHAMMAD K. SUFI
ISLAMABAD
