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BL Premium reports that Nedbank has increased its retirement age to 63 in a strategic move to keep its talented people longer. This as the financial services industry engages in a war for talent as local skills dry up due to retirement and emigration.
In its annual report published on Friday, the bank said its board had resolved to increase the normal retirement age from 60 to a “competitive” 63 years from August, thereby joining rival Absa, which also has a retirement age of 63. Nedbank has recently undergone a leadership transition which installed Jason Quinn as CEO to replace Mike Brown, who retired a year ago. At 50 years, the increase in the retirement age gives Quinn the chance to lead the bank for more than a decade. “Nedbank’s retirement age of 60 for SA-based employees has disadvantaged the group in a highly competitive market from a talent attraction perspective. Following a review of the peer group and general market practice, the committee has therefore supported management’s recommendation to increase the retirement age to 63 years from August 1 2025 for all SA-based permanent employees,” remuneration committee chair Hubert Brody stated. Standard Bank’s retirement age of 60 is said to have disadvantaged it in its bid to retain respected banker Kenny Fihla in its ranks. Fihla, in his mid-50s, opted to join rivals Absa as CEO.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
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