Long life has been achieved but retirement has started early. What is the solution?

What the government could not do, a private sector did

Ahmad Saghir - Islamabad

As medical science has progressed and new treatments are being discovered to prolong life, longevity is no longer a mystery.  

That is why many countries in the world have increased the retirement age for men from sixty years to sixty seven years due to longevity.  Iceland, Israel (for men only) and Norway have the highest normal pension age at 67. For the first time in the world, some time ago in Japan, people held a regular demonstration to raise the retirement age.  In Pakistan, on the contrary, the PTI government wanted to reduce the retirement age.  The reason for which, according to them, was the abundance of such people in the bureaucracy who used to obstruct the work instead of doing any thing good.  On the other hand, they also wanted to make recruitments on these posts.  Therefore, the former government retired people from many departments at the age of 58 and sent them home.

Habib Bank Limited is the largest bank in Pakistan and has branches all over the world. It has a network of 1,425 branches in Pakistan and 55 branches abroad, giving it an edge over other local banks. 

In a recent statement, Habib Bank Limited (HBL) has increased the previous retirement age for employees from 60 to 65 years to enhance its optimal structure.  According to a press statement issued by the bank on Thursday, the policy will come into effect from September 1, 2022 and will apply to all workers who are 60 years of age on or after that day.

“From September 1, 2022, the bank will retire all its management staff up to the age of 65," the bank announced in a press statement.

"The bank's growth over the past eight decades would not have been possible without the commitment and hard work of its personnel," said Mohammad Aurangzeb, Chairman and CEO, HBL.  With the guidance of the Chairman and Board of Directors, HBL took initiatives to enhance service life to improve the lives of its employees and customers.  

This unprecedented move is revolutionary for the financial sector in the current economic and social climate.  This ensures that employees can continue to support their families despite global and local economic downturns.  The press release also said that it will "enable the bank's experienced staff employees to better utilize their expertise and impart this knowledge to the younger generation."

@ahmadsaghirpk7


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