The Steel Executive Federation of India (SEFI) on Tuesday urged the newly appointed union steel minister, RCP Singh, to implement pay revisions for the Steel Authority of India Limited (SAIL) executives soon. SAIL executives are hopeful that, Singh will provide the proper guidelines for implementing the third pay revision.
The minister sounds optimistic about pay revision in his first review meeting with heads of PSUs including SAIL, held on Monday. It has gained the confidence of the executives. Sources said that the necessary guidelines related to pay revision have been issued in 2017. The SAIL officers will get the benefit of third pay revision based on the financial performance of the company as mentioned in the DPE.
SEFI is the apex national body recognized by the Ministry of Steel which is affiliated to SAIL, RINL, MECON, NISP, NMDC and NINL represents about 20,000 officers. It is strongly advocating a pay revision. President of Bokaro Steel Officer Association (BSOA), an affiliate of SEFI, A K Singh said “the executives of SAIL have now qualified for third pay revision. The financial performance of SAIL Profit before Tax (PBT) for the last three years is Rs 4859 crores”.
“Thus we are now eligible for third Pay Revision as per DPE guidelines and eagerly waiting for it. This is pending from 1st January, 2017. Inflation has increased in the last 14 years. By revising our pay, we will be more motivated to serve the nation,” said Singh.
The federation also pointed out that, many young managers are leaving SAIL and migrating elsewhere due to delay in pay revision. In the last two years, only 25 to 30 percent of the executive candidates selected by SAIL management have joined SAIL. In the near future, brain drain will pose a serious challenge.
