Profit-making PSU employees to retire at 60

CHANDIGARH: Employees of profit making central public sector units may retire at 60 years rather than 58, which is the current rule, depending on the decision of the administrative ministry.

According to a cabinet decision made on Thursday, the administrative ministry will be empowered to approve a proposal from these units to enhance the age of retirement from 58 years to 60 years for every employee in the board and below board levels.

However, such PSUs should have earned net profits for the last three years continuously and have a positive net worth in the year previous to the year of consideration, IB minister P R Dasmunsi told reporters. Such enterprises should not have used budgetary support for the last three years to pay salaries, wages and statutory dues of its employees, he said.

Any such proposal to increase the retirement age must be cleared by the Board of Directors with the concurrence of Financial Advisor of the administrative ministry or department concerned, he added.