Luck has finally smiled on the 1,600-odd supervisors and executives of Heavy Engineering Corporation (HEC) Ltd, Ranchi.
They can look forward to a quantum jump in their pay and allowances after the department of public enterprises gave the green signal to revise salaries of all employees who are below the board level. An office order, issued by HEC on Monday, said the revised pay structure would be effective from January 1, 2009.
Supervisors and executives will also be eligible for house rent at the rate of 20 per cent of the revised basic pay, subject to a maximum of Rs 4,000 per month. An additional 5 per cent of revised basic pay will be paid as perks.
Medical officers will be entitled to a 15 per cent non-practising allowance.
Stipend for executive trainees has been raised from Rs 8,000 to Rs 16,400 per month throughout their one-year training period. They will be absorbed into E-1 grade after successful completion of their training.
“Arrears will be payable with effect from January 1, 2009. However, all such arrears will be paid depending on the financial strength of the company,” the order clarified. It added that a separate order would be issued for payment of arrears.
For board-level employees, the salary of CMD has been revised from Rs 27,750 basic pay to Rs 80,000 per month while directors will receive basic pay of Rs 75,000 per month, up from the existing Rs 25,750.
“Those who ceased to be employees of the company prior to the date of issue of the circular, due to termination, dismissal, discharge, removal, voluntary retirement and resignation without permission will not be entitled to payment of any arrears on account of this pay revision,” the HEC order said.
Welcoming the development, Swaraj Mukherjee, president of Guild of HEC Officers’ Association, said: “This is a great achievement for all of us. This will boost the morale of all employees and encourage them to achieve better sales and production targets.”