The government is currently considering raising the retirement age for the Chairman of LIC, the Chairman of SBI, and other leaders within the realm of public sector banks. However, a final decision on this matter has not been reached yet. As per a news report, it has been suggested that the age of retirement for the Chairman of LIC could be extended to 65 years.
Conversations are taking place regarding the potential extension of the retirement age for both the heads of Public Sector Banks (PSBs) and the Life Insurance Corporation (LIC). Concurrently, deliberations are also underway to raise the superannuation age for Managing Directors of PSBs from 60 to 62 years. This information was shared by an official with PTI. At present, the retirement age for the Chairman of LIC stands at 62 years.
Furthermore, according to a report by PTI, there are indications that Dinesh Khara, Chairman of the State Bank of India, might also be granted an extension in his tenure. The government is actively considering an increase in the retirement age limit for Managing Directors of PSBs from the current 60 years to 62 years. This statement was provided by a senior government official to PTI on Sunday.
Khara, a seasoned banker, currently serves as the Chairman of SBI. Assuming his leadership role in 2020, he was expected to hold this position for a span of three years. According to the existing regulations, Khara's retirement is slated for August of the following year, coinciding with his 63rd birthday.
Despite ongoing discussions and considerations concerning the potential extension of retirement age for top executives, no definitive announcements have been made in this regard. The ultimate resolution of this matter remains pending.
The government designated Siddhartha Mohanty as the Chairperson of the Life Insurance Corporation of India (LIC) until June 29, 2024. Subsequently, he will assume the role of Managing Director and Chief Executive Officer until June 7, 2025. Mohanty succeeded M R Kumar in March earlier this year. The present composition of LIC's leadership includes three Managing Directors: M Jagannath, Tablesh Pandey, and Mini Ipe. Any extension of the retirement age for these Managing Directors could potentially impact the durations of their tenures.
LIC was established by the Indian government in 1956 with the objective of popularizing life insurance and fostering the economic advancement of the nation.
