Government plans to increase retirement age of LIC Chairman, SBI Chairman, and other PSB leaders. No final decision yet.
The government is planning to increase the retirement age of chairman of the Life Insurance Corporation, SBI and other public sector banks (PSBs). The tenure of LIC Chairman is extended to the age of 65 years, according to a news report.
“There is a discussion to increase the age limit for retirement of chiefs of PSBs and Life Insurance Corp (LIC). Simultaneously, discussions are on for raising superannuation age for managing directors of PSBs to 62 years from 60 years,” the official told PTI. Currently the retirement age of LIC chairman is 62 years.
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The State Bank of India Chairman Dinesh Khara is also likely to get an extension of tenure, reported PTI. The government is planning to hike the retirement age limit of managing directors of public sector banks (PSBs) to 62 years, from the current 60 years, a senior government official told PTI on Sunday.
Currently, Veteran banker Khara is the chairman of SBI. He took over the leading role in 2020 for three years. As per the current rules, Khara will retire in August next year, when he will turn 63.
Apart from plans and discussion on the extension of retirement age of top leaders, there has been no clear announcement on the same. The final decision on the matter is still pending.
The government appointed Siddhartha Mohanty as the Chairperson of the Life Insurance Corporation of India (LIC) until June 29, 2024. Afterwards, he will hold the position of the Managing Director and Chief Executive Officer till June 7 2025. He replaced M R Kumar in March this year. Currently, LIC has three managing directors, M Jagannath, Tablesh Pandey and Mini Ipe. Extension of retirement age of MDs can also affect their tenures.