Tuesday, November 18, 2008

 

PSU EMPLOYEES PAY HIKES


PSU EMPLOYEES PAY HIKES - CABINATE APPROVED

A government panel today recommended a hefty pay hike for over 2.5 lakh officers in central PSUs, whose heads may take home a salary of up to Rs 1 lakh a month, along with liberal benefits such as stock options and productivity rewards. The new wage structure that represents a 25 to 45 per cent hike also offers Employees Stock Option Scheme (ESOP), variable pay and risk rewards and will be implemented retrospectively from January 1, 2007.
"The government will take a view on the recommendations by December 31,"said Minister for Heavy Industry Santosh Mohan Dev after receiving the report of the Second Pay Revision Committee headed by former Supreme Court judge Jagannadha Rao. Commenting on the recommendations, PSU chamber SCOPE Director General S M Diwan said: "The benefits to the executives would range from 25 to 45 per cent depending upon the profitability of their enterprise and their seniority.
" Under the proposed dispensation, the CPSEs will be divided into five categories depending upon the turnover, manpower and geographical spread and the CMDs in the top category will draw a fixed basic salary of Rs 1 lakh per month as against Rs 31,500 at the maximum grade currently. The basic pay of CMDs of the CPSEs falling in different categories will range from Rs 55,000 to Rs 1 lakh per month.
Expressing the possibility of further improving upon the recommendations of the second pay panel, Dev said, "The proposals are aimed at stopping the exodus of CPSE employees to the private sector." CPSEs employee around 16 lakh people, a government official said, adding that the pay structure of other staff members will be worked out after the seventh round of negotiations with workmen representatives.


REVISED SCALES OF PAY AT BOARD AND BELOW BOARD LEVELS IN CPSEs


GRADE EXISTING REVISED
E0 6550 - 200 - 11350 12,600 - 32,500
E1 8,600 - 250 - 14,600 16,400 - 40,500
E2 10,750 - 300 - 16,750 20,600 - 46,500
E3 13,000 - 350 - 18,250 24,900 - 50,500
E4 14,500 - 350 - 18,700 29,100 - 54,500
E5 16,000 - 400 - 20,800 32,900 - 58,000
E6 17,500 - 400 - 22,300 36,600 - 62,000
E7 18,500 - 450 - 23,900 43,200 - 66,000
E8 20,500 - 500 - 26,500 51,300 - 73,000
E9 23,750 - 600 - 28,550 62,000 - 80,000
GRADE EXISTING REVISED
DIRECTOR (D) 18,500 - 450 - 23,900 43,200 - 66,000
CMD (D) 20,500 - 500 - 25,000 51,300 - 73,000
DIRECTOR (C) 20,500 - 500 - 25,000 51,300 - 73,000
CMD (C) 22,500 - 600 - 27,300 65,000 - 75,000
DIRECTOR (B) 22,500 - 600 - 27,300 65,000 - 75,000
CMD (B) 27,750 - 650 - 30,950 75,000 - 90,000
DIRECTOR (A) 27,750 - 650 - 30,950 75,000 - 1,00,000
CMD (A) 27,750 - 750 - 31,500 80,000 - 1,25,000



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