Kerala State Financial Enterprises staff have no idea when to retire

THIRUVANANTHAPURAM: Resentment is brewing among hundreds of employees of Kerala Financial Corporation  and Kerala State Financial Enterprises over the government’s delay in taking a decision on the retirement age.  

With the director boards of both the public sector undertakings deciding to increase the retirement age from 58 to 60 subject to government approval, many employees who were nearing  58 had obtained favourable court orders and are  continuing in service.

Sources at the Finance Minister's office said that any decision could be taken only after considering the youngsters’ views.  “The Chief Minister has  advised that the youths should be taken into confidence,”  an official said.

Source said that over 50 employees of KSFE and KFC, who are over 58, had obtained court verdicts citing the decisions of the respective boards to enhance the retirement age. This was casting a shadow on the  promotion prospects of many employees as well as fresh recruitment.

“The Kerala State Industrial Development Corporation also faced a similar situation where the board had decided to enhance the retirement age subject to government decision. But the government had taken a policy decision not to enhance the retirement age in the KSIDC and hence many, who were serving by obtaining court orders, were terminated and the juniors got promotion. But in the case of the two PSUs under the finance department, the indecision is continuing. This leads to suspicions of some unlawful bargaining,” a KSFE employee said.

Though a finance department official had stated before the court that no decision to enhance the retirement age in KSFE and KFC was taken, the court  declined to accept it.