The Company will be raising the retirement age to 66, internally (the “internal retirement age”), and replacing the prevailing minimum retirement age set out at Section 4 of the Retirement and Re-employment Act (Cap. 274), 2012 Revised Edition (“RRA”).

The Company will agree to offer to re-employment from internal retirement age until 71 age (“internal re-employment age”), replacing the prevailing ages set out at Section 7A of the RRA.

This means that the Company will not dismiss employees below age 66 on the account of age, and is obliged to offer re-employment to eligible employees from age 68 to age 71. 

The other eligibility criteria for re-employment will follow those set out in section 7 of the RRA and the Tripartite Guidelines on the Re-employment of Older Employees.

The Company will fulfil the same employment and re-employment obligations required under the RRA towards all employees until they reach the internal retirement age or internal re-employment age.

If the Company does not meet their commitment to:

a. the higher internal retirement age, the Company agrees that the employee will be entitled to remedies under the RRA.

b. the higher internal re-employment age, the Company will pay the employee an employment assistance payment under the RRA. The quantum of employment assistance payment will be determined based

on the principles set out in the Tripartite Guidelines on the Re￾employment of Older Employees or relevant employment document (e.g. employment contract, Collective Agreement, the Company’s human resource policy), whichever is higher.

These terms would be binding on the Company and all employees. The Company will not vary these terms in any way resulting in these terms to be less favourable to the employee. These terms will be valid until such time more favourable terms are prescribed by legislation.