The Government has extended the superannuation age of IPO-bound LIC Chairman to up to 62 years by making amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.
The changes made in the rules will be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021, according to a government notification dated June 30, 2021.
It is to be noted that the retirement age for the top executives of the majority of PSUs is 60 years, barring a few exceptions, including the State Bank of India (SBI).
“Notwithstanding anything contained in these rules, if the Central Government appoints the Chairman for a term of office that extends beyond sixty years of age, or extends his term of office to a period beyond the said age, he shall not superannuate till he completes such term, or till he attains the age of sixty-two years, whichever is earlier,” the gazette notification said.
