Bokaro: Steel Authourity of India Limited (SAIL) on Thursday declared to pay an advance amount against Performance Related Pay (PRP) for the year 2019-20 to officers. The order has been sent by the SAIL management to the director and chief executive officers of all the units and plants. The officials are happy with the decision of SAIL management fulfilling their long-pending demand for PRP.
Bokaro Steel Officer Association (BSOA) which was much aggressive in raising the demand for PRP for its 1100 executives has thanked SAIL, Chairman, Soma Mondal for such a decision. BSOA president, A K Singh said “the payment of PRP and enhanced amount of furnishing allowance was in high demand from the members. The order in this regard has been issued. Payment will be done now. Heartily thanks to the Chairman, SAIL”.
Singh also added that “the reimbursement of enhanced mobile set order is also expected soon. The SAIL Board meeting will be held on coming May 13, hopefully, profit will be declared. Then after pay revision will take a shape. We demand 15% MGB and 35% perks”.
PRP for the year 2019-20 to officers of SAIL will be paid as per the following:
- Since the PRP Scheme for 2019-20 shall be issued only on receipt of the final MOU rating from DPE, the advance paid here shall be adjusted from final payment of PRP form 2019 20 / monthly salary / final settlement dues accordingly. Pending the same, the total amount so arrived at shall be paid to all officers who are on rolls of the company as on date.
- The calculations shall be made as per the respective grade and individual rating for the period under consideration i.e. 4.2019 till 31.3.2020.
- The PRP amount shall be calculated as per following methodology: 0.6 X Annual Basic Pay X MOU Rating X Grade Incentive X Individual Performance Rating X Ratio of available to required amount Annual Basic: Basic Pay during FY 2019-20 MOU Rating Factor: 0.4 Grade Incentive : Grade Percentage of Basic E – 0 to E – 3 40% E – 4 & E – 5 50% E – 6 & E – 7 60% E – 8 & E – 9 70% Directors / CEOs 150% Chairman 200% .
- Individual Performance Rating: OA% of PRP Payable 100% | 80% B C 60% NIL 4.
- The ratio of available to required amount: 1 The above advance amount shall be subject to the following conditions: i) This advance shall be payable only to those eligible officers (excluding Trainees) who were on the rolls of the Company as of 1.4.2019 and continue to be on the rolls as on date. ii) Further, for the officers who have been transferred during this period, advance payment is to be made by the plant/unit where the executive is currently posted.