The Hindu Bureau THIRUVANANTHAPURAM
The State government has issued orders implementing a common framework on pay/wages structure in State-run public sector units, a decision which will also see retirement age in PSUs raised uniformly to 60 and a performance-based classification of the units into ‘diamond,’ ‘gold,’ ‘silver’ and ‘bronze.’
‘’The retirement age of employees of all State PSUs shall be enhanced uniformly to 60 as in the case of Central PSUs. However, this shall not be applicable to those employees who have already retired in accordance with the prevailing rules,’‘ an October 29 order by the Finance department says.
The decisions, based on recommendations made by an expert committee headed by the Chairman, Restructuring and Internal Audit Board (RIAB), will apply to PSUs other than the Kerala State Electricity Board (KSEB), Kerala Water Authority (KWA), and the Kerala State Road Transport Corporation (KSRTC).
The PSUs will be classified into ‘diamond’ (highest), ‘gold,’ ‘silver’ and ‘bronze’ based on net worth, turnover, number of employees, revenue per employee, sales/capital employed, profit before tax, and investment (financial). The classification will undergo a review every three years.
In streamlining the pay systems, the government has accepted the expert panel’s recommendation that it should be broadly based on the second Central Public Sector Enterprises pay revision approach for board-level and below-board level executives and staff categories.
There are nine standard scales and two intermediary scales for the below-board level executives and four scales (based on the four PSU categories) for managing directors/CEOs.
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