Catholic Syrian Bank asks employees to retire at 58, seeks to cut costs

Prem Watsa's Fairfax India Holdings secured two board seats, including the chairman's post, when it acquired a 51-per cent stake in the bank.

Kerala’s Catholic Syrian Bank will retire employees aged 58 and older on April 30 this year, seeking to reduce costs after Indo-Canadian billionaire Prem Watsa invested around Rs 1,200 crore in the lender.

Employees say retirement age in the sector is 60 and a circular asking those who will be 58 years or older on May 1, 2019 to go on April 30 is shocking.

Sources said that the bank aims to cut salary expenditure by sending out more than 110 employees who fall under the age criteria. With around 3,000 employees, salary is almost one-fourth of the bank's income.