New Delhi, Nov 20 (UNI) The Government today cleared a revised pay package for 378,000 executives and non-unionised supervisors of Central Public Sector Enterprises (CPSEs), which will raise their salary by an average 96 per cent, inclusive of performance related pay (PRP).
The revised pay, based on the recommendations of the 2nd Pay Revision Committee, will be effective from January 1, 2007.
''It is the most comprehensive package ever for the CPSE executives, and will help in arresting the attrition of employees migrating to the private sector,'' Public Enterprises Minister Santosh Mohan Dev told a press conference after the Cabinet approval.
With the implementation of the package, the current wage bill of the CPSEs would go up by about Rs 9,000 crore from Rs 13,000 crore to Rs 22,000 crore.
This will include the PRP, which could range from 40 per cent to 200 per cent.
Without the PRP, the average raise would be 67 per cent, Mr R Bandyopadhyay, Secretary, Department of Public Enterprises clarified.
The pay scale of a CMD of a schedule 'A' CPSE has been increased from Rs 27,750-31,500 to Rs 80,000-1,25,000 and Director (D) from Rs 18,500-23,900 to Rs 43,200-66,000.
For non-unionised supervisors, the lowest scale has been raised from Rs 6,550-11,350 to Rs 12,600-32,500, and the highest from Rs 23,750-28,550 to Rs 62,000-80,000.
The below board level executive will get a uniform fitment at the rate of 30 per cent of basic pay plus dearness allowance instead of graded fitment of 3 per cent to 42 per cent. For board level executive, the fitment could be higher.
The allowances will not be more than 50 per cent of the basic pay, and would be implemented on the basis of the ''cafeteria approach''.
A total of 151 profit-making units would be able to implement the package-- 76 companies fully and the rest partially.
As many as 51 loss-making units will not be able to pay the revised package, Mr Bandyopadhyay said.
The pay revision will come into force with the issue of presidential directive in respect of each CPSE separately by the ministry or department concerned.
The payment of HRA, perks and allowances based on revised scales will, however, be from the date of issue of presidential directive.
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