Following the reduction of the compulsory retirement age to 60 for State-Owned Enterprises (SOEs) employees, the optional age for retirement has also been reduced to 55 with a conditional extension of service till they reach compulsory retirement. A new circular, signed by the Treasury Secretary on Thursday and issued to all Heads of SoEs, Chairmen [...]

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Optional retirement age reduced to 55 for SOE employees

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Following the reduction of the compulsory retirement age to 60 for State-Owned Enterprises (SOEs) employees, the optional age for retirement has also been reduced to 55 with a conditional extension of service till they reach compulsory retirement.

A new circular, signed by the Treasury Secretary on Thursday and issued to all Heads of SoEs, Chairmen of commercial corporations including state banks and statutory boards, said a Cabinet meeting held last Monday granted approval to amend the retirement age for SoE officials.

Accordingly, if any officer intends to serve beyond this age limit (55), he or she may continue to serve up to the compulsory age of retirement of 60 years without applying for an extension of service subjected to conditions of efficiency and performance.

If the appointing authority decides that the extension of service should not be granted to any officer beyond the age of 55, on the basis that the officer’s efficiency and performance are not satisfactory, the appointing authority shall retire the officer from the service by giving a six-month’s notice, enabling the officer to appeal against the decision, according to the circular.

However, during the age of 55-60 years, the officer at his discretion may retire from the service by giving three months’ notice to the appointing authority. SoE employees who at present serve beyond the age of 60 and those who complete the age of 60 on or before December 31 this year should retire by December 31, the circular added.

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