Retirement Age: The Central Government can make some changes in the retirement age of these senior officers.
PSBs Chief Retirement Age Extension: According to different media reports, the central government is considering increasing the retirement age of the heads of government insurance company Life Insurance Corporation of India (LIC), State Bank of India (SBI) and other public sector banks (PSBs). Has been Speaking to PTI on this matter, a senior Finance Ministry official has said that the government has received a proposal to extend the tenure of public sector bank officials to 65 years. At the same time, the retirement age of the chairman of LIC and SBI can be increased from 62 years to 65 years.
MD’s retirement age may increase
According to the PTI report, the government can increase the retirement age of the Managing Director of all public sector banks by 1 to 2 years. In this case it will increase from 60 years to 62 years. On the other hand, the retirement age of Dinesh Khara, the current chairman of State Bank of India, is 63 years and his tenure ends in August 2023 next year. In such a situation, if he gets an extension of two years, his tenure will be till the age of 65 years.
At the same time, the term of LIC Chairman Siddharth Mohanty is ending on June 29, 2024. If the government decides to increase the retirement age of the chairman and MD, then it will definitely affect the retirement age of the chairman and MD of LIC.
Why is the government considering extending the term
Many experts believe that the purpose of the government is to increase the tenure of senior officers of banks and PSBs so that stability can be brought in the decisions of the banks. This will make it easier to take decisions related to banks and this system will be effective for a long time. It is worth noting that for some time there is news of extension of the tenure of SBI Chairman Dinesh Khara for 10 months.
It is worth noting that this is not the first time that the idea of increasing the retirement of a senior officer is being considered. Earlier, through an amendment in the Life Insurance Corporation of India (Employees) Regulation, 1960, the retirement of the chairman of LIC was increased to 62 years in the year 2021.
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