Retirement age to be increased to 62?
03 May, 2011 8:07a.m.|
The government is planning to extend the retirement age of all central government employees by two years â€” from the current 60 to 62 years. Sources said that an in-principle decision has been taken in this regard and the department of personnel and training (DoPT) has begun the work to implement the same. A formal announcement to this effect is expected this year itself.
The last time the government extended the retirement age of central government employees was in 1998. It was also a two-year extension from 58. This was preceded by the implementation of the 5th Pay Commission, which had put severe strain on governmentâ€™s finances. Subsequently, all state governments followed the Centreâ€™s policy by extending the retirement age by two years. Public sector undertakings followed suit too.
The decision to extend the retirement age is well-timed both politically and economically.
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