PSU Grade Pay | PSU Pay Scale | PSU Salary | PSU Allowance Perks | PSU Facility Under 7th Pay Commission
PSUs are government-owned corporations or state-owned enterprises created by the Government of India. There are numerous employment opportunities in technical as well as managerial fields. There are various monetary and non monetary advantages as well.
PSU Pay Scale:
PSUs offer different benefits and perks to the employees which encourage them to give their best.
- Allowances & Benefits
- Flexible Timings
- Pension Schemes
The table below discusses the basic salaries paid by some of the PSUs for the training duration.
PSU Pay grade
The total salary that the employee takes home is different than the package. Pay grade is a range within which an employee gets his basic pay. If an employee gets promoted, he will be paid according to the
higher grade. Grade pay is basically the difference between the basic pay and the new promoted job’s
pay. The given below is the detailed discussion of salaries for a fresher.
- A Deputy Engineer joins in the pay scale of Rs 16.400- 40.500. Here, Rs 16.400 is the basic pay for this employee. He will get an additional advantage of DA and HRA too. The CTC on paper will be 5.5L with a direct benefit of 5L.
- If an employee’s basic pay is Rs 9300, he gets a Dearness Allowance which is approximately 120% of the basic. In this case, the basic + DA= 9300+11160 which equals to 20460. This will be the gross salary. The take away salary will be Gross Salary (20460) – EPF –Income Tax – Professional Tax. EPF is usually 12.5% of the base salary. The take away here amounts to Rs 19000. If this employee gets promoted, his grade will increase with an addition of Rs 4600.
PSU pay salary :
The pay salary of PSUs makes them a dream job for a lot of engineers. The salary structure of PSUs is given below:
- AAI in civil aviation: Rs 16.400 – 40.500
- NHPC in power: Rs 20.600 – 46.500
- ONGC in petroleum and natural gas: Rs 24.900 – 50.500
- CIL in mining: Rs 20.600 – 46.500
- NFL in fertilizer: Rs 16.400 – 40.500
- BEL in defense: Rs 16.400 – 40.500
- PFCL in finance: Rs 24.900 – 50.500
PSU perks :
There is a full medical cover if you leave after the age of 50. There are various innovative facilities
beyond the pay scale. PFC has introduced a scheme to sponsor their employees’ higher studies outside
India. NTPC gives their employees opportunities at long term education with the aid of IIMs and IITs.
NTPC also provides a hospitable chance at marriages by finding the right partner for their employees.
There are home loan offers that may help massively up to Rs 25 – 20 L and car loans up to Rs 5L. The
performance reviews and recognition are kept in accordance with each employee’s personal growth. Job rotations and relocations are also very well planned and according to the employee’s wishes and needs.
PSU Allowances :
There are various allowances that enhance the employee experience in a PSU.
- The House Rent Allowance is the allowance that the employer gives to the employee to cover the cost of renting a home. The HRA varies from place to place. In metropolitan cities the HRA is 30% of (basic + grade pay) and it is 15% in B cities and 10% in the rest. If an employee has the facility of a government quarter, then the HRA will not be paid.
- Dearness Allowance is the adjustment against the cost of living of an employee. It is beneficial for an employee in times of inflation as he doesn’t have to worry about the cost of living. It’s an addition to the salary.
- There is a transport allowance where the employees that use their transport are reimbursed, the others are provided with a transport facility. All these allowances account for a satisfied and well looked after workforce.
There are short term advances, cash advances and travel advances. The non interest advances have
been deleted and will not be provided to the employees. The interest incurred advances have been
retained where there will personal computer advance and house building advance. This helps the
employees to secure a home with the advance. There is travel advance in the form of transport
PSU Ranking :
The net worth of the top ten PSUs is a lot and hence they can easily provide the most beneficial packages for their employees. The top ten PSUs in order of their rankings are as follows:
- Coal India
- Power Finance Corporation
- Rural Electrification Ltd
- Power Grid Corporation of India
So for a perspective employee, this ranking will help them to analyze where they want to work with
their full potentials.
PSU benefits after 7th pay
After the sixth pay, the employees are in for an increase in their pay. The salary hikes by 30 to 40
percent. In the 7th pay, the basic salary gets doubled and the DA gets merged with the basic. Example:
For a basic pay of Rs 24.900, the gross salary will range from Rs 55.000 to 60.000 depending on the
different perks offered by different organizations. This will be the same till the 6th pay. For the 7th, the
basic will be doubled. The salary will be (24.900*2) (basic) + 0(DA) + 24.900*2*45% (45%) = 75.000
(approx). The 7th pay here is 30% of the original salary.
The PSU is a very beneficial sector to work in. Right from the hiring of an employee to the time he/she
leaves the organization, there are a plethora of perks and advantages. The basic pay for a fresher is
great in this competitive world. There are allowances, perks and other benefits. The PSU pay scale is
great and definitely worth it. The PSU is a very helpful for engineering fresher to have a successful career.
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