With an aim to offer more employment opportunities to youth, the Punjab government has decided to reduce the retirement age of the state government employees to 58 from the previous 60. This announcement was made by Punjab Finance Minister Manpreet Singh Badal, while presenting the budget for 2020-21 today, according to PTI. Addressing the media later, Badal said, “The retirement age of government employees has been reduced from 60 to 58 years. With this, we will be able to provide employment to three to four times the number of people who retire. We will also be able to get a more talented pool of young people to serve Punjab.”
The minister further pointed out that while it is yet to work out on a number of employees affected by this move, the decision of the state government will be implemented in two phases. Currently, there are 3.50 lakh employees working with the Punjab Government.
Badal, while announcing the budget for the year, announced debt waiver of Rs 520 crore to landless farm labourers. The state government also earmarked Rs 13,092 crore for the education sector, while also announcing Rs 4,675 crore for the health sector.
The minister also announced the waive Change of Land Use (CLU) charges for two years. He also proposed revenue receipts of Rs 88,004 crore and revenue expenditure of Rs 95,716 crore for the current year.
“In spite of the daunting challenges before us, we have been able to maintain the fiscal deficit at 2.61 per cent in 2017-18 and 3.08 per cent in 2018-19 as against the budget estimates of 4.96 per cent and 3.81 per cent for respective years,” the agency further quoted the minister as saying.