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/ India News / 2007 / July 2007 / July 12, 2007 Cabinet approves enhancement of the retirement age of public sector employees |
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The Union Cabinet today gave its approval for endorsing Central Public Sector Enterprises (CPSEs) proposal to enhance the retirement age of its employees from 58 to 60 years.
New Delhi, July 12 : The Union Cabinet today gave its approval for endorsing Central Public Sector Enterprises' (CPSEs) proposal to enhance the retirement age of its employees from 58 to 60 years.
The CPSE proposal will be approved by the Minister-in-charge of the administrative Ministry or Department concerned provided the concerned CPSEs has made net profits for the last three years continuously as per its audited annual accounts and should have positive net worth during the last three years, a Cabinet release said.
This benefit will be available to only those CPSEs which have not availed budgetary support for the last three years and no budgetary support will be availed by the CPSEs in future, the release added.
The Government has also made a clarification on the condition relating to budgetary support to CPSEs.
"The CPSEs who have not availed budgetary support for the last three years for their non-plan expenditure for salary, wages, payment of statutory dues, payment for Voluntary Retirement or Separations Schemes (VRS/VSS) and payment to meet cash losses and no budgetary support for the same will be availed by the CPSEs in future," the release 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," the release added.
ANI
