HSBC bosses have scrapped the company's two-tier retirement policy in a move unionists have branded a cost-cutting exercise.
And while the bank's management agrees that the move - under which all staff will have to retire the month they reach retirement age - will save money, it insists the bank is only coming into line with its rivals.
Previously, HSBC's 8,400 general-grade staff were given the option of choosing to stay on in the job for as long as 12 months after reaching the retirement age of 60.
The same option did not apply to executive-grade staff who had to leave immediately they reached retirement age, said company spokeswoman Virginia Lo Chan Sau-king.
Under the modified scheme, both groups of staff would be treated the same, said Mrs Lo.
But the general secretary of Hong Kong Confederation of Trade Unions, legislator Lee Cheuk-yan, criticised the new policy.