Section 19(2) in Life Insurance Corporation of India (Staff) Regulations, 1960
(2)[ An employee belonging to Class I or Class II appointed to the service of the Corporation on or after 1st September,1956, shall retire on completion of [60 years] [Notified in Gazette of India, Part-III Section 4 dated 21.1.1977.] of age, but the competent authority may, if it is of the opinion that it is in the interest of the Corporation to do so, direct such employee to retire on completion of 50 years of age or at any time thereafter on giving him three months' notice or salary in lieu thereof.]Explanations : [1. Where an employee is directed by the competent authority to retire as aforesaid, it shall not be deemed to be a penalty under Regulation 39 or any other provisions.] [Notified in Gazette of India, Part-III Section 4 dated 21.1.1977.]
