ibnlive » Business

Jul 12, 2007 at 09:37pm IST

Retirement age of PSU employees raised by 2 years

New Delhi: The Union Cabinet on Thursday approved a proposal to raise the retirement age of the employees of profit-making Central Public Sector Enterprises from 58 to 60 years.

The ministers of the administrative of the respective companies would be empowered to approve the proposals of CPSEs to enhance the retirement age 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.

Out of the 250 Public Sector Units in the country at least 100 are running in profits, says an official data. Only those PSUs, which haven’t sought any financial support from the Government for the past 3-years will be able to avail the retirement benefit.

RETIREMENT BENEFIT: This move will benefit employees of various profit earning CPSEs Priya Ranjan Dasmunsi has 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.

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