Highest Salary in IOCL

Can you tell me about the salary offered for Executives Post in IOCL or Indian Oil Corporation Limited as I want to know about it before applying for the post?

[shikha]

The salary offered for Executives Post in IOCL or Indian Oil Corporation Limited is as follows:

Below Board level
I - 23750-28550
H - 20500-26500
G - 19500-25600
F - 19000-24750
E - 18500-23900
D - 17500-22300
C - 16000-20800
B - Rs.13750-18700
A - 12000-17500
[Annual Increment (AI) 4% of BP)

House Rent Allowance
Company owned accommodation is provided wherever townships are located. Type of quarter depends upon the grade and seniority.

Employees who reside in own house may avail self-lease facility within prescribed rental ceilings.

Monthly recovery is made for company owned and leased accommodation, which depends upon the carpet area and the location.

Employees who stay in rented accommodation are paid HRA as per classification of city as notified by Government.

Conveyance Allowance/reimbursement/advance
Conveyance Reimbursement Officers who own a car and utilize the same for official duties are reimbursed expenses within the annual km. ceiling prescribed for each grade at the current per km rate of Rs.7.41.

The monthly claim may vary but the annual claim should not exceed the ceiling.

Similarly officers who use 2-wheeler are reimbursed Rs.1327 p.m. for scooter and Rs.715 p.m. for Moped. Workmen are reimbursed depending upon grade, Rs.990/887 p.m. for scooter and Rs.543/485 p.m. for Moped.

Officers who have not availed conveyance advance and also do not claim reimbursement of conveyance running & maintenance exprenses are entitled to transport assistance in the range of Rs.1000 to Rs.2000 p.m. depending upon the grade.

Similar benefit to workmen is given as Transport Subsidy @ Rs.715 in metro cities and Rs.500 in other cities

Children Education Allowance
Paid to employees at Rs.200 p.m. if child is studying upto class-Xth; and beyond class Xth, it is Rs.250 p.m.

Hostel subsidy is paid at Rs.625 p.m. The benefit is limited to only 2 children.

Leave Travel Concession
Employees are entitled to travel to home town or anywhere in India, in lieu of home town, once in a block of 2 years.

The journey is performed as per normal travel entitlement. During visit to a place other than home town and if guest house/holiday home facility is not availed, then DA at applicable rate is reimbursed for a maximum of 10 nights for hiring accommodation


Medical Benefits
At Refinery locations, Corporation maintains own hospitals at the townships attached to each refinery, where medical attendance can be received.

At other places, expenses are reimbursed as per rules. For hospitalization, various hospitals have been placed on panel.


Performance Linked Incentive
PLI scheme is linked to Corporation’s performance as per MOU with the Government & profitability; and also linked to Basic+DA of the employees.

For the year 2005-06, PLI has been distributed @ 9.45% of base pay to employees whose annual performance was minimum satisfactory.

Employees, who are rated below satisfactory are paid a maximum of Rs.6,000 for full year.


Productivity Incentive Scheme
Annual Productivity Incentive admissible to officers is based on team and individual performance. The ratio may vary from year to year.

Team performance depends upon achievement against listed parameters. Individual performance depends upon score achieved against targets mutually decided in advance with controlling officer.

In the case of workmen, incentive is payable only on team performance and is restricted to 15% of BP+DA. The total incentive pay-out in a year inclusive of PLI does not exceed 5% of Distributable profit.


Retirement Benefits
Provident Fund (PF) and EPS 95 IOC has its own Provident Fund run by PF Trusts.
Employees are required to contribute @ 12% of pay & DA and the Company pays matching contribution.

Out of the Company’s contribution to PF, 8.33% of Rs.6,500 is diverted to DPS 95 scheme. The employee’s and corporations contribution to PF, together with interest, is refunded at the time of retirement.

Gratuity
Gratuity rules are as per the Payment of Gratuity Act, 1972. Gratuity is payable at the time of separation @ 15/26 of the monthly emoluments for each completed year of service or part thereof in excess of six months subject to a maximum Rs.3,50,000.

Post-retirement medical scheme
The retired employees are enrolled under the scheme on onetime voluntary contribution. One is entitled to receive domiciliary and hospitalization treatment within the annual ceilings for each grade.

If the hospitalization treatment is obtained in a Government/Nominated hospital, then full expenses are reimburse d for specified ailments; and for other than specified ailments, expenses upto 85%/75% to retired
Officers/Workmen are reimbursed.