Retirement Age of Corporate Sector Employees – Government does not fix retirement age of the employees working in corporate sector: Lok Sabha Q and A
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
UNSTARRED QUESTION NO. 2048
ANSWERED ON MONDAY, DECEMBER 19, 2022/
AGRAHAYANA 28, 1944 (SAKA)
Retirement Age of Corporate Sector Employees
2048. SHRI GIRIDHARI YADAV:
Will the Minister of CORPORATE AFFAIRS be pleased to state:
(a) whether the average life expectancy of the people has increased in the country;
(b) whether the retirement age of Government Employees is fixed at 60 years;
(c) whether the retirement age of the employees working in corporate sector is 55 to 58 years;
(d) if so, whether the Government has a proposal to fix the retirement age of the employees working in corporate sector at 60 years in view of the increase in the average life expectancy; and
(e) if so, the details thereof and if not, the reasons therefor?
MINISTER OF STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF STATISTICS AND PROGRAMME IMPLEMENTATION; MINISTER OF STATE (INDEPENDENT CHARGE) OF THE MINISTRY OF PLANNING AND MINISTER OF STATE IN THE MINISTRY OF CORPORATE AFFAIRS
[RAO INDERJIT SINGH]
(a): Yes Sir. As per the latest report, released in October, 2022, titled ‘Sample Registration System (SRS) based Abridged Life Table 2016-20’ published by the Office of the Registrar General & Census Commissioner, Government of India, the average life expectancy at birth for India has increased from 66.1 during the period 2006-10 to 70.0 during the period 2016-20 registering an increase of 3.9 years during this period.
The Expectation of life at birth by sex and residence, India, 1970-75 to 2016-20 as published by the Office of the Registrar General & Census Commissioner, Government of India is given at Annexure-I.
(b): Yes Sir. As per F.R. 56(a), except as otherwise provided in the rule (attached herewith), every Government servant shall retire from service on the afternoon of the last day of the month in which he attains the age of sixty years.
(c) to (e): The Government does not fix the retirement age for the employees working in the corporate sector. The remaining question does not arise.