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Our Bureau

New Delhi, June 28 Performing CEOS or functional Directors contributing significantly to the turnaround of a sick Central Public Sector Enterprise (CPSE) are now to be rewarded.

As per a decision of the Cabinet today, such functionaries could be given an extension of service till the age of 65 and a lumpsum cash incentive of up to Rs 10 lakh out of the profits of the CPSE, provided the enterprise has achieved or executed all projected targets of the revival plan in a timely manner.

Currently, the age for retirement of CPSE chief executives is 60 years.

In cases where fresh appointment of a CEO or functional Director is proposed, an age relaxation of up to 62 years could be the cut-off for applying, if a suitable candidate does not apply.

Such appointees would be considered for a minimum tenure of three years.

Also, serving or retired CPSE executives, Government servants and private sector executives could be considered for appointment.

“The extension will be subject to the review of performance to be conducted by the Secretary of the administrative Ministry under which the CPSE is functioning,” said Mr Priya Ranjan Dasmunsi, Minister of Information and Broadcasting.

The Standing Conference of Public Enterprises (SCOPE) has welcomed the decision.

Dr S.M. Dewan, Director-General of SCOPE, said that this will help the incumbent in undertaking the task of restructuring PSEs effectively.

He also urged the Government to allow sick PSEs to adopt revised pay scales.

More Stories on : PSU | Human Resources | Sick Units | Policy

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