PSUs Salary Structure and Perks
Following are the question every student want to know before filling up the forms for GATE and PSUs exam. PSUs Salary Structure
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1. PSUs Salary Structure
Various PSUs in country offer engineering jobs in various fields and provide lucrative starting salary with additional benefits like job security, holiday homes, government holidays etc. The PSU job can be regarded as one of the top jobs for the engineers and as the PSUs are companies that are owned by the union government of India, or one of the many state or territorial governments, or both the job at PSUs is regarded as equivalent to a government job. In the present scenario most of the PSUs except few recruit through the national level exam GATE following with a personal interview or psychometric test for recruitment as engineers/officers.
2. Components of salary
♦ Basic salary: Basic salary is the core salary and it is the fixed part of the compensation package. A number of other components are calculated in the basic salary. Generally, the basic salary depends upon the employee’s designation or grade.
♦ Allowance: Variable Dearness Allowance VDA at the applicable rates and perks & allowances under cafeteria approach to employees such as dearness allowance, house rent allowance (HRA), leave travel allowance (LTA), city compensation allowance and children’s education allowance.
♦ Variable Pay: Performance Related Pay based on individual and organizational performance.
♦ Other Benefits: Company Accommodation / Leased Accommodation / HRA, medical facility, group insurance, house building advance, conveyance advance, furnishing advance/ PC advance, etc.
♦ Superannuation Benefits: Besides Contributory Provident Fund, Gratuity, pension and Post- Retirement Medical Benefits under Defined Contributory Scheme of the company.
♦ Reimbursement: Sometimes employees are entitled to many reimbursements such as medical treatment, newspaper, phone bill etc. One would not get the money in salary but funds will be passed against submission of such bills. So these are not included to the monthly pay slip. Most of the cases, an upper limit is there for each category.
♦ Life and health insurance: New joiners get excited when they come to know that their organisation is taking care of them and paying the premium of their life and health insurance. But in reality, it is included in the CTC.
♦ Transport facility: Getting a car from office may sound really good but actually, transport facility or pick-and-drop facility is also a component of the package. The interest-free car loans are not actually free.
3. Making the most of your CTC
♦ One has to understand the basic difference CTC and take home salary:
♦ CTC = Direct benefits + indirect benefits + saving contributions
♦ Take Home Salary = Direct benefits – employee PF – other deductions if any – income tax
4.Various PSUs Salary Structure with their starting salaries and the facilities provided by them are enlisted below:
|Company||POST||Salary Structure (per month)||CTC salary (Annul)|
|BPCL||Management Trainee||Rs. 24,900 – Rs. 50,500||11 Lakhs|
|HPCL||Engineer||Rs. 24,900 – 50,500
During the training period, Rs. 33,000/- per month
|NHPC||Trainee Engineer||Rs. 20600-3%-46500||60% Marks|
|IOCL||Engineer/ Officer||starting basic pay of Rs. 24,900/-per month.||Rs 11.25 lakhs|
First Year = Rs. 23,000/-
Second year = Rs. 24,000/-
On exemplary performance = 16400-40500
|PGCIL||Executive Trainee||During training period, Rs. 24900-50500||During Training
Rs. 8.15 lakhs
Rs. 14.44 lakhs
|GAIL||Executive Trainee||Rs.24900 – 50500|
During training period, Rs. 20600-46500.
After completion of training, Rs 24900- 50500
|Rs 8.0 Lakhs|
|NLC||Executive Trainees||Rs. 20600-3%-46500|
|Mazagon Dock Limited (MDSL)||Executive Trainee||Rs. 20600-3%-46500|
|PSTCL||Assistant Engineer/ manager||Rs. 16650- 39100 + 5800 Grade pay|
|ONGC||Graduate Trainees||Rs. 24900-50500|
** CTC is for candidates posted in metro cities; and may vary for other locations in some PSUs. CTC includes deferred payments like post-retirement benefits. (PF, Gratuity and Superannuation Benefits).