Retire at 60? Ministers will decide

The government empowered ministers on Thursday to raise retirement age in profitable companies under their ministries from 58 to 60 years.

The companies should, however, had made net profits for the past three consecutive years and have positive net worth. "The Union Cabinet gave its approval to empower minister-in-charge to approve the proposals of CPSEs to enhance the age of retirement of its employees from 58 to 60 years, provided the concerned PSEs made profits for the past three consecutive years," Information and Broadcasting

Minister P R Dasmunsi told reporters.

The benefit would be available to only those CPSEs which have not availed budgetary support for the last three years and that no such support would be availed by the CPSEs in future, he said after the Cabinet meeting chaired by Prime Minister Manmohan Singh in New Delhi.

"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," Dasmunsi pointed out.