CENTRAL PUBLIC SECTOR ENTERPRISES (CPSE)
PAY HIKES A HEFTY OVER 150%
PAY EFFECT FROM JAN-2007
UNIFORM FITMENT OF 30%
CABINET MINISTRY APPROVED TO-DAY
A government panel today recommended a pay hike for over 2.5 lakh officers in Central Public Sector Undertakings, whose heads may take home a salary windfall 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 |
