Das Munshi: Well done

New Delhi, June 28: The government wants to reward PSU top bosses who are helping in turning around their companies by offering cash incentives up to Rs 10 lakh and extending their retirement age to 65.

The cabinet’s decision was based on the recommendations of the Board for Reconstruction of Public Enterprises (BRPSE).

The BRPSE has so far recommended the revival of more than 40 state-owned companies.

The board feels that chief executives or functional directors who have worked out a revival package for a state-run firm must be given enough time to implement the plan. More than 20 cases recommended by the BRPSE have been cleared by the cabinet and are being implemented.

“The extension will be subject to the review of performance by the secretary of the administrative ministry under which the PSU functions,” information and broadcasting minister Priya Ranjan Das Munshi said after the cabinet meeting.

Besides the pay, allowances and perks that come with the post, a lump sum incentive of up to Rs 10 lakh out of the company’s profit may be considered provided it has achieved all projected targets of the revival plan.

In case of fresh appointments, if the government receives few applications, the cut-off age for applying may be relaxed to 62 with a minimum tenure of three years.

In such cases, serving or retired executives of public sector enterprises, government employees and even private sector executives may be considered.

Such decisions will be taken by the administrative ministry based on the guidelines formulated by the department of public enterprises in consultation with the departments of expenditure and personnel and training.

However, many within the government have criticised the decision to appoint retired civil servants.