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Profitable PSUs' staff may retire at 60 yrs

As per a Cabinet decision, the administrative ministry will be empowered to approve a proposal from these units.

india Updated: Apr 12, 2007 19:05 IST

Employees of profit making central public sector units may retire at 60 years against 58 currently, depending on the decision of the administrative ministry.

According to a Cabinet decision on Thursday, the administrative ministry/department 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 networth in the year previous to the year of consideration, Information and Broadcasting Minister PR Dasmunsi told reporters in New Delhi.

Such enterprises should also not have used budgetary support for the last three years to pay salary, wages and statutory dues of its employees, he said.

The PSUs should also not be using budgetary support for these payments in the future as well, Dasmunsi 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 said.

First Published: Apr 12, 2007 18:16 IST