The FCI Board of Directors have now approved the Allowances to be payable to IDA executives under the pay revision.
The revised structure would be as follows,
1. Basic Pay - As per individual's fitment in the time scale
2. IDA - As declared by the DPE (presently 25.3% of Basic)
3. HRA- (if no lease accommodation or FCI accommodation availed) - As per applicable city - 30%/20%/10% of Basic (Lease, if availed would be in lieu of HRA)
4. Special Allowances (subject to fulfilment of conditions) - like North East Allowance, Hardship area allowance, Non-practising allowance for Doctors etc.
5. Other Allowances
A. Fixed component : LTC and Medical - on actual availment basis, as per admissibility(valued at 7% of Basic)
B. Selectable component - on cafeteria approach - upto a ceiling of 43% of Basic
6. Employer's Contribution to CPF (including EPS) 12% of Basic plus IDA
Note:
1. PLI and other existing facilities like conveyance/transport subsidy, telephone, newspaper etc. would be merged within the limit of 43%
2. Income Tax as Applicable
The revised structure would be as follows,
1. Basic Pay - As per individual's fitment in the time scale
2. IDA - As declared by the DPE (presently 25.3% of Basic)
3. HRA- (if no lease accommodation or FCI accommodation availed) - As per applicable city - 30%/20%/10% of Basic (Lease, if availed would be in lieu of HRA)
4. Special Allowances (subject to fulfilment of conditions) - like North East Allowance, Hardship area allowance, Non-practising allowance for Doctors etc.
5. Other Allowances
A. Fixed component : LTC and Medical - on actual availment basis, as per admissibility(valued at 7% of Basic)
B. Selectable component - on cafeteria approach - upto a ceiling of 43% of Basic
6. Employer's Contribution to CPF (including EPS) 12% of Basic plus IDA
Note:
1. PLI and other existing facilities like conveyance/transport subsidy, telephone, newspaper etc. would be merged within the limit of 43%
2. Income Tax as Applicable
Last edited by Admin on Tue Oct 05, 2010 12:26 am; edited 1 time in total