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You can retire at 60 in profitable PSUs

Special Correspondent

NEW DELHI: The Union Cabinet on Thursday decided to empower Ministries and Departments to increase the age of retirement in public sector enterprises under their control from 58 to 60. The only condition is that the enterprises must be earning profits.

Announcing this, Union Minister and Cabinet spokesperson Priyaranjan Dasmunsi said the enterprises should have made net profit for three years continuously and have a positive net worth for at least one year before the year in which they were considered for increase in retirement age. The enterprises should also have not availed budgetary support for the previous three years towards salary, wages and statutory dues of their employees. They would also not be allowed to avail such a support in future.

The proposals have to be approved by the Board of Directors of the enterprises and have the concurrence of financial advisers of the administrative Ministry or Department and be approved by the Minister in charge. The retirement age can be increased for employees at all levels.

The Cabinet gave its formal approval for a memorandum of understanding signed with UAE in December in the area of manpower, under which all categories of workers would have the protection of UAE labour laws and regulations. All employment contracts have to be authenticated by the UAE Labour Ministry.

In addition, the Cabinet gave its nod for signing of a pact with Seoul-based International Institute of Vaccine in vaccine research. The agreement will give an opportunity for India to provide inputs for the priorities and directions of the institute.

MSP for jute

The Cabinet Committee on Economic Affairs gave its approval for the fixation of minimum support price (MSP) of TD-5 grade of jute ex-Assam for the 2007-08 season at Rs.1,055 a quintal.

The MSP is higher by Rs.55 a quintal over the prices approved by the Government for 2006-07. The corresponding MSP for other varieties and grades of raw jute across locations will be fixed keeping in view, besides the normal market price differentials, the aggregate scores assigned to different grades.

The Jute Corporation of India will continue as the Central nodal agency to undertake price support operations and the losses incurred, if any, will be reimbursed by the Centre.

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