Retirement age for profit making PSU employees increased

By IANS

New Delhi : The retirement age limit of employees of profit making Central Public Sector Undertakings (CPSUs) has been raised from 58 to 60 years.


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Information and Broadcasting Minister Priyaranjan Dasmunsi told reporters Thursday that the union cabinet, presided over by Prime Minister Manmohan Singh, decided to offer this incentive to those profit making PSUs "which have not availed of any budgetary support from the government for the last three years."

Dasmunsi said the final decision would eventually lie with the minister in charge of administering the concerned undertaking or enterprise. The cabinet has simply "empowered the minister" to exercise his discretion for "those companies which have continuously made net profits for the last three years as per audited annual accounts."

Additionally, the concerned PSU should "also not seek any budgetary support from the Government in future," said the minister.

Dasmunsi said several PSUs qualify for this incentive but did not give any exact figures. He added that the PSUs could do without additional budgetary support largely due to cooperation of the employees and therefore it is logical to give them necessary incentives.

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