PSU pay panel for 50-60% revision

• Over 1.6 million employees working in the estimated 240 central public sector undertakings (PSUs) are likely to receive a 50 to 60 per cent salary increase, possibly with retrospective effect from January 2006.
  The second PSU pay revision committee, headed by former Supreme Court Justice M Jagannadha Rao, is in advanced stages of finalising its award due April-end and plans to submit its report to the government soon after.
  At the bottom of the PSU pay scale, an entry level attendant in a leading power PSU has a CTC of around Rs 22,000 per month, which could go up to Rs 33,000.
• Executives of central public sector units have been given pay hikes of 25 to 45 per cent in the middle of Assembly elections. The raise benefiting over 3.7 lakh executives will be implemented with retrospective effect from January 1, 2007.
  Heads of central enterprises like SAIL and ONGC will see their basic salary go up from Rs 31,500 to Rs 1.25 lakh a month. The new package also offers employees’ stock options (Esops), variable pay and risk rewards.
  The implementation will be linked to the performance of each PSU.
• The PSU executives’ salary is being revised after a gap of 10 years. The wages of workers are revised by each PSU separately through negotiations with labour organisations.