Govt plans to extend retirement age of LIC Chairman and heads, MDs of other PSB

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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. 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.