Retirement age for CPSE employees to be 60 years

New Delhi, July 12: The retirement age for employees of profit-making Central Public Sector Enterprises (CPSEs) will now be 60 years, it was announced today.

The Union Cabinet has empowered the Minister in charge of the department concerned to increase the retirement age of CPSE employees from 58 years to 60 years, provided the CPSEs had made net profits continuously for the past three years and should have positive net worth during those years, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after the Cabinet meeting.

This benefit will be available to only those CPSEs which have not availed budgetary support for the past three years for their non-plan expenditure and will not do so in the future, he said.

Mr Dasmunsi clarified that the budgetary support for non-plan expenditure include money for salary, wages and statutory dues, besides payment for voluntary retirement and voluntary separation schemes to meet cash losses.

UNI