Process Scheduler - Jobsets are not getting scheduled in PeopleTools 8.50

After upgrading to PeopleTools 8.50, certain Scheduled Jobsets are not initiated by the Master Scheduler.
In the Master Scheduler log, mstrschdlr_ddmm.log, it shows this error message:

PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](1) =================================Error===============================
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](1) Database error encountered
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) Info:
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) Section:
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) Info:
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) SQL Stmt: SELECT RUNSTATUS FROM PSPRCSQUE WHERE PRCSINSTANCE = :1
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) =====================================================================
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](1) =================================Error===============================
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](1) Database error encountered
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) Info:
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) Section:
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) Info:
PSMSTPRC.5272 (0) [12/06/10 00:00:26 VP1@MACHINENAME](2) SQL Stmt: SELECT I.SCHEDULENAME,I.JOBNAMESRC,%DateTimeOut(I.NEXTSTARTDTTM),%DateTimeOut(I.RECURDTTM),I.CURRENTJOBINSTANCE FROM PS_SCHDLDEFNINFO I, PS_SCHDLDEFN S WHERE I.NEXTSTARTDTTM <= %CURRENTDATETIMEIN AND S.SCHEDULESTATUS = '1' AND I.SCHEDULENAME = S.SCHEDULENAME AND I.JOBNAMESRC = S.JOBNAMESRC