Retirement age for profit making PSUs' staff raised

The Union Cabinet on Thursday approved a proposal to raise the retirement age from 58 to 60 years for employees of profit-making central public sector enterprises (CPSEs).

The ministers of the administrative of the respective companies would be empowered to approve the proposals of CPSEs to enhance the age of retirement of its employees from 58 to 60 years, provided that these companies have made net profits for the last three years continuously and should have positive net worth on a sustained basis, government officials said. “This benefit will be available to only those PSUs that have not made use of budgetary support for the last three years and no budgetary support will be sought by them in the future,” an official statement said.

“This move will benefit employees of various profit earning CPSEs who have not availed budgetary support for the last three years for their non-plan expenditure and where the retirement age is presently 58 years,” Information and Broadcasting minister Priya Ranjan Dasmunsi said.