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26 Feb, 2014 09:52 AM

Govt. to raise retirement age by 2 years to 62 : Business Standatd

Govt. to raise retirement age by 2 years to 62 : Business Standatd The Business Standard reports that the Government is likely to take the decision of increasing the retirement age of Central government employees by two years, from 60 to 62 this week. This would be applicable from March 1.

The decision to be taken by the Cabinet will be one of the major and last one before the model code of conduct for the general elections kicks in. In the Thursday meeting, the Cabinet is also likely to recommend dates for the elections. These could be notified on March 5.

"The government may clear the increase in age this week," said a source. It is likely to be a part of the terms of reference of the Seventh Pay Commission, expected to file its report in 2017. The panel, however, can recommend an interim relief through the move.

The increase in retirement age would be happening after 15 years. In 1998, it was increased to 60 from 58 following implementation of the Fifth Pay Commission. Experts said it would defer payment of retirement benefits. However, sources confirmed this would not be applicable for employees retiring on February 28.

Read full article at Business Standatd



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