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IOCL Pay Scale Salary Slip Matrix Allowance Perks Under 7th Pay Commission
Oil and gas company Indian Oil Corporation Limited (IOCL) is the largest Public Sector Undertaking (PSU) belonging to Government of India. It’s not only a contributor of up to 49% in our country’s petroleum products market, but also one of the largest employers in the country. Let’s learn more about how its employees are paid.
IOCL Grade Pay
Since there’s a very clear and well-defined pay structure in IOCL for various employee grades, no grade pay is paid to employees aside from their basic pay. Everything is very clearly outlined in this PSU.
IOCL Salary Slip
The salary of IOCL employees consists of basic pay, performance related benefits, superannuation benefits and any allowances that they may receive. Let’s have a look at how these benefits are provided to them.
IOCL Post-Wise Pay Scale
There’re 3 categories of employees in IOCL: Board Level Employees (consisting of Chairman and Directors), Below Board Level Employees and Workmen. The pay scales of Chairman and Directors are 80,000 – 125,000 and 75,000 – 100,000 respectively. Employees below the board level are compensated according to following pay scales:
For Grade, the Pay Scale are as follows:
|Grade||Pay Scale||Refineries/ Pipelines/ R&D (Employees) Grade||Marketing/ IBP (Employees) Grade|
|1st||24,900 – 50,500||1st||1st|
|2nd||29,100 – 54,500||2nd||—|
|3rd||32,900 – 58,000||3rd||2nd|
|36,600 – 62,000||4th
|5th||43,200 – 66,000||5th||4th|
|51,300 – 73,000||6th
|7th||51,300 – 73,000||7th||—|
|8th||51,300 – 73,000||8th||6th|
|9th||62,000 – 80,000||9th||20,000 – 49,200 (prospective)|
IOCL Allowance & Perks
IOCL Employees are also provided various allowances and perks. For example:
- Dearness Allowance: Employees are paid DA as a percentage of their basic pay in accordance to All India Consumer Price Index (AICPI). The DA is revised quarterly and its current rate is 121% of basic pay.
- House Rent Allowance: IOCL employees also receive HRA, which depends largely on the place of their posting. For the purpose of this allowance IOCL has categorized Indian cities in three categories, namely X, Y and Z. The distribution of HRA in these cities is as follows:
|X||5 million and above||30% of Basic Pay|
|Y||0.5 million to 5 million||20% of Basic Pay|
|Z||Less than 0.5 million||10% of Basic Pay|
However, HRA isn’t paid to employees when IOCL provided accommodation is available in the city.
- Shift Allowance: For employees who work in rotating shifts there’s provision of a shift allowance in IOCL. The rates for this allowance are given below:
|Category||Morning – Evening Shift||Night Shift|
|Officers (Grade A & B)||Rs. 80 per shift||Rs. 130 per shift|
|Officers (Grade C & Above)||Rs. 100 per shift||Rs. 150 per shift|
|Workmen||Rs. 65 per shift||Rs. 105 per shift|
At IOCL, there’s no shortage of allowances – the list is so large that it can make a whole new article. However, at any time the maximum amount of allowances that one receives can’t exceed 44% of Basic Pay. For that reason IOCL has created a pool of perks that allows employees to choose their preferred allowances according to their convenience.
IOCL Pay Scale & Allowances Under 7th Pay Commission
- Salary Hike: The hike in salary will range between 30% to 40% as DA will be merged with basic pay, which will approximately double the salary of IOCL employees while bringing down the DA to 0. But that shouldn’t be a problem, as you’ll learn in the next benefit.
- Higher Ceiling for Perks: As I said above in the section of perks and allowances, IOCL employees can avail allowances and perks up to 44% of their basic pay. Now when basic pay will be increased after merging of DA, the ceiling of allowances will also be elevated.
- Superannuation Benefits: All employees will also be covered under Centre’s new pension scheme and Health Insurance Scheme, which will provide better security to them and their families post-retirement.