Sebi hikes HRA for its staff by up to 233%
With the market at a new high, Sebi is doing what it can to retain talent and attract new ones. It is learnt that Sebi has reworked some part of its remuneration structure, in particular the HRA.
By Deeptha Rajkumar, TNN |
MUMBAI: With the market at a new high, Sebi is doing what it can to retain talent and attract new ones. It is learnt that Sebi has reworked some part of its remuneration structure, in particular the HRA. In a recent communication to its employees, the regulator revised upwards its HRA by almost 233%. The allowance is being offered as a one-time option in lieu of accommodation.
Henceforth, a grade B employee, or a manager, in Mumbai may avail HRA of around Rs 25,000, a significant jump from the Rs 7,500 they were earlier entitled to. Similarly, a grade C, or an assistant general manager, would be entitled to an HRA of Rs 30,000; a grade D employee, or deputy general manager, to an allowance of Rs 35,000; a grade E, or general manager, to an allowance of Rs 40,000; a grade F, or chief general manager, to an HRA of Rs 45,000; and a grade G, or executive director, to an HRA of Rs 50,000.
So far a large number of employees have been provided accommodation by Sebi. However, as per the recent revision, employees can take a call on whether they wish to retain the accommodation provided or opt for an allowance instead.
Given the rise in property prices in Mumbai, many organisations are looking at providing employees with other perks. In bigger metros, corporates have been finding it difficult to provide accommodation for their employees because of increasing property prices. The past few years have seen corporates especially, overseas players, moving their salary structure to ‘cost-to-company’ structure from a mix of ‘compensation and benefit’ model.
Interestingly, some of them had given the employees options to take a call on perquisites like housing and car, while others had monetised all perquisites. In most cases, HRA has been the biggest perquisite and monetising this has helped both the corporate and the employee.
Henceforth, a grade B employee, or a manager, in Mumbai may avail HRA of around Rs 25,000, a significant jump from the Rs 7,500 they were earlier entitled to. Similarly, a grade C, or an assistant general manager, would be entitled to an HRA of Rs 30,000; a grade D employee, or deputy general manager, to an allowance of Rs 35,000; a grade E, or general manager, to an allowance of Rs 40,000; a grade F, or chief general manager, to an HRA of Rs 45,000; and a grade G, or executive director, to an HRA of Rs 50,000.
So far a large number of employees have been provided accommodation by Sebi. However, as per the recent revision, employees can take a call on whether they wish to retain the accommodation provided or opt for an allowance instead.
Given the rise in property prices in Mumbai, many organisations are looking at providing employees with other perks. In bigger metros, corporates have been finding it difficult to provide accommodation for their employees because of increasing property prices. The past few years have seen corporates especially, overseas players, moving their salary structure to ‘cost-to-company’ structure from a mix of ‘compensation and benefit’ model.
Interestingly, some of them had given the employees options to take a call on perquisites like housing and car, while others had monetised all perquisites. In most cases, HRA has been the biggest perquisite and monetising this has helped both the corporate and the employee.
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