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.
KNEE JERK REACTION: Three months ago, executives of oil PSUs went on strike demanding higher wages.
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.
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.