On QFX5110 and QFX5120 series switch, there is no alarm "Major FPC[X]: PEM [0|1] Not Present" generated when one of PEM is removed or failed.This is a software bug which has been fixed through PR1774836.This KB describes the details of this issue.
On QFX5110 and QFX5120 series switch which is running on certain releases, chassis alarm "Major FPC[X]: PEM [0|1] Not Present" is not generated when one of PEM is removed or failed.Here is the output of "show chassis alarms" when PEM0 is removed.
<NON working state>
root@Switch> show chassis alarms | no-more No alarms currently active
<Working state>
root@Switch> show chassis alarms | no-more 1 alarms currently active Alarm time Class Description 2023-12-25 07:27:50 IST Major FPC0: PEM 0 Not Present
This issue could be seen with 22.2R1 or later releases.