MAYBANK Singapore has inked a new re-employment agreement with its staff unions, promising to give a one-off payment to older employees who cannot be re-hired beyond the retirement age of 62.

The bank will also end the practice of cutting the pay of workers when they turn 60.

Maybank Singapore made these pledges in an agreement it signed on Friday with the Singapore Bank Employees' Union and the Singapore Bank Officers' Association.

For more The Straits Times stories, click here.