65 yr retirement age for CEOs of revived sick PSUs: Cabinet

New Delhi, June 28 (UNI) The Government today approved relaxation upto 65 years in retirement age of incumbent chief executive or functional director who contributed exceedingly well in the turnaround of a sick or loss-making Central public sector enterprise (CPSE), subject to annual review of their performance by the Secretary of the Administrative Ministry concerned.

Where fresh appointment is proposed, age relaxation will be upto 62 years as the cut off age for applying, with minimum tenure of three years, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after the Cabinet meeting that gave the approval.

''In this case, serving or retired CPSE executives, Government servants and private sector executives also could be considered,'' he said.

Besides pay, allowances and perks attached to the post, a lump sum incentive upto a maximum of Rs 10 lakh out of the profits of the CPSE may also be considered, provided the CPSE has achieved or executed all projected targets of the revival plan in a timely manner.

The Administrative Ministry concerned will take a decision in this matter on the basis of broad guidelines to be formulated by the Department of Public Enterprises in consultation with the Department of Expenditure and the Department of Personnel and Training, he said.

''Relaxation in the process for selection, appointment and grant of extension would provide continuity at the level of chief executives and functional directors, which is essential for the implementation of revival plan of sick CPSEs,'' Mr Dasmunsi said.

For profit-making CPSEs, the process for selection, appointment and grant of extension will be according to the existing procedures.

UNI