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PSU Salary Structure 2024: Public Sector Undertakings (PSUs) in India play an important part in the Indian economy and offer appealing career opportunities to millions of aspirants. Aside from stability and job security, PSUs salary structure is another motivating factor for aspirants to study hard for the upcoming GATE 2024 exam. Moreover, the PSU salary structure includes a wide range of perks, allowances, and opportunities for career growth.
Continue reading to learn more about the PSU salary structure 2024 as well as other perks and benefits.
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PSU Salary Structure 2024 Overview
In order to secure a job within the Public Sector Undertakings, aspirants must score exceptionally well in the Graduate Aptitude Test in Engineering, or GATE exam, because the majority of aspirants are selected for PSU jobs through GATE or on the basis of written examinations. Furthermore, the PSU salary structure may differ depending on a few factors, such as GATE rank, location, and job profile, along with the governmentâs most recent guidelines.
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Various Components of the PSU Salary Structure 2024
Apart from the basic salary, the PSU salary structure includes various components. These components include benefits and perks, insurance coverage, and reimbursem*nts. Refer below to understand the PSU salary structure components in detail.
- Basic Salary: Basic pay refers to the fixed amount that an employee receives on a regular basis as their salary. It serves as the foundation for calculating other PSU salary structure components.
- Perks and Benefits: PSU jobs offer numerous perks and benefits to their employees. Travel allowance (TA), House rent allowance (HRA), Dearness allowance (DA), and free medical examinations at specific government facilities are among them. Childrenâs education allowance is also added at the PSU officer level.
- Reimbursem*nts: PSUs also provide reimbursem*nts for certain expenses incurred by employees. These expenses may include medical expenses, newspaper expenses, travel expenses related to official duties, and education expenses for oneself or dependents.
- Insurance: Employees at PSU jobs are also eligible for medical and life insurance coverage.
It is important to note that the PSU salary structure 2024, including basic pay, perks, and benefits, may vary according to the position and location of the jobs.
Also, Check: UPSC ESE Result 2023
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PSU Salary Structure Details
Aspiring engineering graduates looking for a stable career have the opportunity to pursue PSU jobs after successfully clearing GATE. These jobs not only come with prestigious job titles but also offer attractive PSU salary structures, ranging from 5 LPA to 14 LPA at the initial phase of selection.
Check out the table below for an overview of the PSU salary structure of various highly esteemed public sector organizations such as BHEL, ONGC, HPCL, IOCL, GAIL, CIL, SAIL, and others.
| PSU Salary Structure | ||||
| PSUs | Sector | Type of PSU | Salary Range | CTC (Approx.) |
| Indian Oil Corporation (IOCL) | Petroleum and Natural Gas | Maharatna | INR 24,900 to INR 50,500 | INR 12,00,000 |
| Coal India Limited (CIL) | Mining | Maharatna | INR 50,000 to INR 1,60,000 | INR 11,00,000 |
| National Thermal Power Corporation (NTPC) | Power | Maharatna | INR 60,000 to INR 1,80,000 | INR 18,00,000 |
| Oil & Natural Gas Corporation (ONGC) Limited | Petroleum and Natural Gas | Maharatna | INR 60,000 to INR 1,80,000 | INR 16,50,000 |
| Steel Authority of India (SAIL) | Steel & Iron | Maharatna | INR 20,600 to INR 46,500 | INR 10,00,000 |
| Bharat Heavy Electricals Limited (BHEL) | Defense | Navratna | INR 60,000 to INR 1,80,000 | INR 13,00,000 |
| Hindustan Petroleum Corporation Limited (HPCL) | Petroleum and Natural Gas | Navratna | INR 60,000 to INR 1,80,000 | INR 16,00,000 |
| Bharat Petroleum Corporation Limited (BPCL) | Petroleum and Natural Gas | Navratna | INR 60,000 to INR 1,80,000 | INR 16,00,000 |
| Neyveli Lignite Corporation Limited (NLC) | Mining and Power | Navratna | INR 20,600 to INR 46,500 | INR 7,85,000 |
| Power Grid Corporation of India Limited (PGCIL) | Power | Navratna | INR 60,000 to INR 1,80,000 | INR 20,00,000 |
| National Aluminium Company Ltd. (NALCO) | Mining | Navratna | INR 40,500 to INR 1,40,000 | INR 11,00,000 |
| Central Electronics Limited (CEL) | Electronics | Navratna | INR 40,000 to INR 1,40,000 | INR 9,00,000 |
| Oil India Limited (OIL) | Petroleum and Natural Gas | Navratna | INR 24,900 to INR 50,500 | â |
| Gas Authority of India Ltd. (GAIL) | Petroleum and Natural Gas | Navratna | INR 60,000 to INR 1,80,000 | INR 16,00,000 |
| Power Finance Corporation Limited (PFCL) | Finance | Navratna | INR 24,900 to INR 50,500 | â |
| Visakhapatnam Steel Plant (VIZAG) | Steel | Navratna | INR 20,600 to INR 46,500 | â |
| Hindustan Aeronautics Limited (HAL) | Defense | Navratna | INR 16,400 to INR 40,500 | â |
| Bharat Electronics Limited (BEL) | Defense | Navratna | INR 16,400 to INR 40,500 | â |
| National Mineral Development Corporation Limited (NMDC) | Steel and Iron | Navratna | INR 16,400 to INR 40,500 | â |
| Shipping Corporation of India Limited (SCIL) | Shipping | Navratna | INR 20,600 to INR 46,500 | â |
| Rural Electrification Corporation Limited (RECL) | Power | Navratna | INR 20,600 to INR 46,500 | â |
| Airport Authority Of India Limited (AAI) | Civil Aviation | MiniRatna | INR 16,400 to INR 40,500 | INR 8,00,000 |
| National Hydroelectric Power Corporation (NHPC) Limited | Power | MiniRatna | INR 20,600 to INR 46,500 | â |
| National Fertilizers Limited (NFL) | Fertilizer | MiniRatna | INR 16,400 to INR 40,500 | â |
| Mazagon Dock Limited (MDL) | Defense | MiniRatna | INR 40,000 to INR 1,40,000 | INR 10,00,000 |
| Mineral Exploration Corporation Ltd (MECL) | Mining | MiniRatna | INR 16,400 to INR 40,500 | â |
| Rail India Technical and Economic Service Ltd., or known as RITES | Infrastructure | MiniRatna | INR 40,000 to INR 1,40,000 | INR 9,00,000 |
| Bharat Earth Movers Limited (BEML) | Defense | MiniRatna | INR 24,900 to INR 50,500 | â |
| Engineers India Limited (EIL) | Petroleum and Natural Gas | MiniRatna | INR 60,000 to INR 1,80,000 | â |
| Bank Note Paper Mill India Private Ltd., or BNPM | Manufacturing paper | MiniRatna | INR 9,300 to INR 34,800 | INR 7,00,000 |
| Odisha Power Generation Corporation (OPGC) | Power | MiniRatna | â | INR 4,50,000 |
PSU Jobs Career Growth Opportunities
Private Sector Undertaking jobs provide excellent opportunities for career growth and professional development, in addition to a competitive PSU salary structure. Here are a few aspects of career advancement in PSU jobs:
- Promotions: PSU jobs follow a structural hierarchy, including various levels and designations. Aspirants may progress through the ranks with higher salary grades, benefits, and responsibilities based on their performance, experience, and eligibility requirements.
- Training and Development: In order to enhance the skills and knowledge of its employees, PSU invests in various training and skill development programs, which include workshops, training, and seminars to keep individuals updated with the latest industry developments. This aids in career growth as they continuously learn new skills.
- Diverse Experience: Many PSU jobs offer rotation programs that allow employees to work in different departments or jobs. This not only helps employees gain diverse experience, but it also broadens their understanding of the organization as a whole. Job rotation can pave the way for higher-level positions and managerial roles.
- Performance-based Incentives: PSU jobs also offer performance-based incentives, considering the employeeâs achievements and exceptional performance. These incentives may include bonuses and pay hikes, giving employees motivation and recognition, and encouraging career growth.
- Long-term Stability: PSU jobs are known for their stability and job security. Employees can build long-term careers within PSUs, enjoying benefits such as pension schemes, medical facilities, and other employee welfare programs. This stability provides a strong base for continuous growth and development.
PSU Salary Allowances and Perks
PSU jobs provide additional financial perks in the form of allowances to employees in order to cover various expenses that may arise while fulfilling their responsibilities or duties. The allowances provided by different PSUs can differ and might change due to company policies and government regulations. Here are some common allowances that are generally provided in PSU jobs:
- House Rent Allowance (HRA): HRA is given to employees to help them pay for their accommodation. The amount of HRA may vary depending on factors such as the employeeâs basic income and the city of work.
- Dearness Allowance (DA): DA is provided to employees to help them cope with the impact of inflation on their expenses. It is usually a percentage of the basic pay and is revised regularly in accordance with the cost of living index.
- Transport Allowance (TA): This allowance is granted to employees to reimburse their commuting expenses between their place of residence and their job.
- Medical Allowance: PSU employees may be eligible to receive a medical allowance in order to cover their own and their family membersâ medical costs.
- Childrenâs Education Allowance: Some PSUs provide financial help to employees for the education of their children.
- City Compensatory Allowance (CCA): CCA is an allowance provided to employees in urban areas where the cost of living is higher.
- Leave Travel Allowance (LTA): LTA is designed to help employees who request time off to travel to their hometown or another designated location. Additionally, these PSU benefits could vary depending on the sector, PSU type, and job position.
PSU Salary Structure FAQs
What are the allowances offered in PSU jobs?
The PSU salary structure includes numerous allowances such as Travel Allowance (TA), Dearness Allowance (DA), and House Rent Allowance (HRA), among others.
Which PSU offers the highest pay scale?
The Power Grid Corporation of India Limited (PGCIL) offers the highest PSU salary structure as compared to others.
What will the PSU salary structure be in 10 years?
The PSU salary structure, on average, ranges from 15 LPA to 50 LPA, depending on job profiles and promotions.
Do all PSUs have the same salary structures?
No. All PSU salary structures differ from each other based on their sector, type of PSU, and other components, as explained in the article above.
How to join PSU jobs in India?
Engineering graduates can join PSU jobs through GATE or by giving written examinations based on the specific PSU recruitment selection process.
