GLCS IMPLEMENT NEW MININUM RETIREMENT AGE

12 Jul 2013 11:19

KUALA LUMPUR, July 12 (Bernama) -- Government-Linked Companies (GLCs) under the GLC Transformation (GLCT) Programme have implemented the new minimum retirement age (MRA) of 60 years for their employees.

The Secretariat to the Putrajaya Committee on GLC High Performance (PCG) said the implementation is in accordance with the Minimum Retirement Age Act 2012 which came into effect on July 1, 2013.

The achievement is another milestone in the 10-year GLCT Programme, which was officially launched on July 29, 2005, according to a statement by the Transformation Management Office (TMO) here, today.

The statement said it also reflects the leadership demonstrated by the GLCs in being responsible corporate citizens that place employee welfare as an important agenda.

"The move to implement the MRA by the 17 GLCs under the GLCT Programme (collectively known as the G20) will benefit a total of 353,020 general employees on permanent employment.

"This amounts to more than 98 per cent of the total G20 workforce of 359,744 employees," it added.

Tenaga Nasional Bhd was the first among the G20 to put in place the new retirement age for its employees, in September 2012.

Since then, the rest of the G20 as well as the five Government-Linked Investment Companies (GLICs) â€" Employees Provident Fund, Lembaga Tabung Haji, Lembaga Tabung Angkatan Tentera, Permodalan Nasional Bhd and Khazanah Nasional Bhd, have all implemented the MRA.

Employees are an important stakeholder group to GLCs.

The G20 spent RM339 million on human capital development activities such as training and learning programmes in 2012, an increase of 6.35 per cent over the amount spent previously.

GLCs under the GLCT Programme also provide various long-term benefits to employees such as housing and car loan facilities, medical, hospitalisation and maternity coverage, child care facilities, and discounted travel benefits.

-- BERNAMA

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