Over 210,000 executives in estimated 240 central public sector undertakings are in for a bonanza with a pay revision committee recommending a massive hike in their annual cost-to-company. The hike ranges between 379 per cent at the highest level and 57 per cent at the lowest across companies and levels
The proposed pay structure seeks to reduce the disparity between public sector executives and their private sector counterparts and introduce a performance-based compensation culture.
| n another far-reaching recommendation, the award calls for complete delinking of public sector and government pay scales. PSU employees are proposed to get much more than government officials. |
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For instance, the chairman and managing director of a company like ONGC, NTPC or Bharat Sanchar Nigam Ltd is proposed to be paid Rs 52.20 lakh a year,
Pay panel's other recommendations
| | | | Employee stock options, linked to performance pay Performance-related payout amounting to 40-200 per cent of basic pay Risk pay of Rs 1,100 to Rs 25,000 per month New pay scale of Rs 65,000 - 75,000 of E-10 in A+ companies Sick companies to be allowed pay revision (without risk pay or variable pay) if they make cash profit Central PSUs not making cash profits to be examined by the Board for Reconstruction of Public Sector Enterprises CMDs and directors of sick central PSUs which have seen a turnaround will retire at 60 No upper limit on gratuity Separate fund for post-retirement medical treatment and to meet emergency needs of those who have retired Revision of pay for non-unionised supervisors to be decided by board of directors Retirement benefit of 30 per cent of basic pay, which includes CPF, pension, gratuity and post-retirement medical benefits |
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1 comment:
6th CPC Report has been implemented. But the govt is yet to take a decision on the pay revision committtee proposal for PSU Staff. It is not understand why the govt treat the Central Govt. employees, and Central PSU employees differently. The Pay Revision committee's recommendations could have been accepted and implemented simultaneously with that of CPC. A large number of employees who have come over to PSU set up like in BSNL from Govt. Departments are at a great loss. Will the Govt. take immediate actiond.
What is the present situation. Anybody knows.
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