In a bid to put the revival of sick central public sector enterprises (CPSE) on firm ground, the government has decided to give their chief executives or functional directors a cash incentive of up to Rs 10 lakh and extend their retirement to 65 years if they achieve a turnaround of their companies. At present, chief executives of PSUs retire by 60.The decision of the Cabinet to give more time to the chief executives, who has worked out the revival package and implemented it with success, has been made on the basis of recommendations of the Board for Reconstruction of Public Enterprises (BRPSE).BRPSE has so far recommended revival of more than 40 state-owned companies, and wants the bosses who have formulated packages be given enough time to implement them and put the sick company on a firm path of revival. More than 20 cases recommended by BRPSE have been cleared by the Cabinet, and are under implementation."The extension will be subject to the review of performance to be conducted by the secretary of the administrative ministry under which the PSU is functioning," information and broadcasting minister Priyaranjan Dasmunsi said after the Cabinet meeting.Besides pay, allowances and perks attached to the post, a lump sum incentive up to Rs 10 lakh out of the profits of CPSE, may be considered, provided the company achieves all projected targets of the revival plan.
