Govt okays further revision in pay for PSU officers
The improved pay packages will also include increase in house rent allowance and retirement benefits. PSUs: Season's favourite candy I Cashing in on your money
By PTI |
NEW DELHI: NEW DELHI: Nearly three months after executives of oil PSUs went on strike demanding higher wages, the Government on Monday bettered the previously announced hike in emoluments for officers of all public sector companies, giving up to 20 per cent additional increase in emoluments.
The Cabinet, headed by Prime Minister Manmohan Singh, approved a proposal to merge 78.2 per cent of dearness allowance (DA) with basic pay as against the 68.8 per cent DA merger announced in November last year.
The increase, taking into account only allowances, was Rs 18.37 on a basic pay of Rs 100 and Rs 19.37 after house rent allowance is also considered, official sources said.
As a result, the total emolument on a basic pay of Rs 100 would become Rs 231.66 after considering 30 per cent fitment on basic pay plus DA and differential pay (DP). In the previous decision, this came to Rs 219.4. After considering allowances of 50 per cent and 10 per cent house rent allowance, it would swell to Rs 370.49.
And if superannuation benefits of 30 per cent and the performance-related pay of 40 per cent are considered, this would rise to Rs 532.65 as against Rs 504.7 previously.
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The Prime Minister had in early January constituted the Committee of Ministers headed by Home Minister P Chidambaram after Petroleum Minister Murli Deora took up the case of oil PSU executives, who were unhappy with revisions and threatened to go on indefinite strike.Though the Committee promised to submit a report on the anomalies in the wage hike approved, the oil sector officers went on strike from January 7, crippling fuel supplies.
The Government broke the strike on the evening of January 9 after striking executives precipitated the fuel crisis despite Deora walking the extra mile including travelling to the staff quarters on the outskirts of the national capital well past midnight.
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While Chidambaram had submitted his report last month, sources said Deora on March 26 wrote to the Prime Minister requesting a quick decision on the matter. The revised allowances would be effective from November 26, 2008, provided a Presidential directive was issued within a month from today, source said.Chidambaram, briefing reporters on the decision of the Cabinet, said the hike approved would benefit about four lakh officers of central public sector enterprises. The improved pay packages will also include increase in house rent allowance and retirement benefits.
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