The government is planning to extend the retirement age of all central government employees by two years 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 government’s finances. Subsequently, all state governments followed the Centre’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.
The UPA government reckons the move would be a masterstroke. At a time when it is buffeted by several corruption cases, it is felt that the extension of the retirement age will go down well with the middle classes. Economically also, the move makes sense because by deferring payment of lump sum retirement benefits for a large number of employees by two years, the government would be able to manage its finances better.
“An in-principle decision has been taken to increase the retirement age by two years within this year itself. This would reduce the burden on the fisc from one-time payment of retirement benefits for employees including defence and railways personnel,” an official involved in the discussion said. With the fiscal consolidation high on the government's agenda, this deferment would come handy.
There’s some flip side too if the retirement age is extended by two years. Those officials empanelled as secretaries and joint secretaries would have to wait longer to actually get the posts. And of course, there is the issue of average age profile of the civil servants being turning north.It is also felt that any extension is not being fair with a bulk of people who still look for jobs in the government.
However, officials point out that at least it prevents an influential section of the bureaucracy to hanker for post-retirement jobs with the government like chairmanship of regulatory bodies or tribunals.
“As it is, a sizeable section of senior civil servants work for three to five years after the retirement in some capacity or the other in the government,” said a senior government official. The retirement age of college teachers and judges are also beyond 60.
As per a study, the future pension outgo for the existing Central and State government employees is estimated at a staggering Rs 1,735,527 crore or 55.88% of GDP at market prices of 2004-05.
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-BONUS ORDER 2006 PENSIONERS 50% DA MERGER 7TH CENTRAL PAY COMMISSION 7th CPC 7TH CPC LATEST NEWS 7th PAY COMMISSION 7thPAY CALCULATORS aadar card AADHAR NO WITH CGHS CARD ACP ADVANCE AICPIN AIR INDIA AIR TRAVEL JAMMU&KASHMIR AIRF ALLOWANCE ARMY BANK EMPLOYEES BSNL cadre restructuring CBSE central civil services CENTRAL DA CENTRAL GOVERNMENT CIVILIAN EMPLOYEES. CENTRAL GOVERNMENT EMPLOYEES Central Government Health Scheme central government staff CENTRAL INFORMATION COMMISSION CGEGIS cgephis CGHS cghs cancer treatment rates cghs card cghs clarification CGHS DELHI cghs empanelled hospitals CGHS facilities to retired BSNL employees. CGHS Hospitals Rates CGHS NEW TIMINGS CGHS RATES CHARTER OF DEMANDS CHARTER OF DEMANDS STRIKE CHILD CARE LEAVE children education allowance csd DA DA HIKE DA JANUARY 2015 DA JULY 2015 DA MERGER DA ORDER DEARNESS ALLOWANCE dearness relief DEATH CUM RETIREMENT BENIFITS DEATH GRATUITY DECLARING ASSETS DECLARING HOLIDAY ON APRIL 14 defence defence civilian employees Delay in Pension disabled children disbursement of pension DOE DOPT DOPT Circulars 2013 DOPT--STENOGRAPHERS DOPT-MACP DOPT-PENSION EDUCATION EPF EPFO ESIC EXPECTED DA EXPECTED DA FROM JULY 2015 EXPECTED PAY FAMILY PENSION FAMILY PENSIONERS FAMILY PLANNING ALLOWANCE FAQ ON PENSION FINANCE FIXED MEDICAL ALLOWANCE FMA FNPO GPF GRADE PAY GRADEPAY GRATUITY HOLIDAY HOLIDAY HOMES HOLIDAYS 2011 HOLIDAYS 2013 HOLIDAYS 2014 HOLIDAYS FOR 2015 HOLIDAYS LIST 2016 HOUSE BUILDING ADVANCE HOUSE RENT ALLOWANCE INCLUSION OF AADHAR NO IN SERVICE BOOK INCOMETAX increase da increasing retirement age to 62.central govt employees INDEFINITE STRIKE INDEPENDENCE DAY INDIA POST JCM JCM III KENDRIYA VIDYALAYA KV LDC-UDC ISSUE LDCE LEAVE TRAVEL CONCESSION LTC LTC 80 FARE LTC ADVANCE LTC entitlement LTC TO SOME COUNTRIES MACP MINIMUM PENSION MINIMUM WAGES MINISTRY OF DEFENCE MINISTRY OF FINANCE MODIFIED ASSURED CAREER PROGRESSION NAC NAC.NATIONAL ANOMALY COMMITTEE NATIONAL PENSION SCHEME NATIONAL PENSION SYSTEM NC JCM NEW PENSION SCHEME NEW EMPANELMENT HOSPITALS NEW PAY SCALE NEW PENSION SCHEME new pension scheme india OBC OFB ORDINANCE FACTORY BOARD orop OROP LATEST NEWS pay commission pay commission kerala pay fixation pay hike payment PAYMENT OF PENSION PCDA PENSION pension benefits PENSION FUND PENSIONERS PENSIONERS PORTAL PF PFRDA post offices postal dept POSTAL EMPLOYEES PRODUCTIVITY LINKED BONUS PROJECTED PAY SCALE PROMOTION PROPOSED PAY STRUCTURE PROVIDENT FUND RAILWAY BONUS RAILWAY EMPLOYEES RAILWAYS RECRUITMENT RULES REDUCE RETIREMENT AGE FROM 60 TO 58 REDUCING RETIREMENT AGE FROM 1/1/2016 REIMBURSEMENT RESERVATION retirement retirement age retirement of government officials sexual assalt cases SEXUAL HARASSMENT AT WORK PLACES STENOGRAPERS STRIKE TRADE APPRENTICES TRADE UNIONS UNION UPSC VRS WASHING ALLOWANCE WOMEN EMPLOYEES WOMEN POST OFFICE WOMENS RIGHTS YEARLY INCREMENT YOGA YOGA DAY
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REDUCE RETIREMENT AGE FOR NEW CENTRAL EMPLOYEES FROM 1/1/2016 NO PROPOSAL TO INCREASE RETIREMENT AGE FOR CENTRAL GOVERNMENT EMPLOYEES J&K govt increases retirement age from 58 to 60 Employees to get pension payment order soon after retirement RAISE THE RETIREMENT AGE TO 65 YEARS Central govt employees’ retirement age to be extended by 2 years to 62 Union government wants retirement age 62 Cabinet decision to increase retirement age deferred Govt not considering to raise retirement age to 62 yrs
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