JOB SPECIAL...In a PSU Job it’s not Just About the Money

In a PSU Job  it’s not Just About the Money 

From monthly petrol allowances which grow as oil prices rise, to cheap home and car loans, to even a match making service for employees and their wards, PSU perks are a very big deal

    When petrol prices rise, many in ONGC jump with joy. They get a generous allowance equivalent to a specified amount of petrol, apart from car maintenance and insurance. It adds up to about 20% of their basic salary and rises in step with petrol prices even if they use public transport.. There is much more on offer. To make their pay tax friendly, employees can take 47% of their salary in reimbursements for expenditure like buying computers or a family trip abroad. For those on offshore duty, they get a generous hardship allowance for working 24X7 for two weeks and are paid to spend two weeks at home after the gruelling duty on offshore oil platforms. Above all – and this keeps employees glued to their jobs – the company provides 100% medical cover for the family even after retirement. You can also get soft loans at 3-4% interest for a car and house.
Perks of PSU jobs
Welcome to the world of profitable public-sector companies which are often looked down upon by corporate honchos. But employees of state firms are proud of their job and the incredible job security it brings. Thanks to these perquisites, unlike private companies which face high employee attrition rates, state-run firms are comfortable. “Almost nobody leaves ONGC before turning 50. You get full medical cover only if you leave after the age of 50,” a company executive said. The state-run firms come up with innovative facilities for their personnel within the pay structure limits prescribed by the government. State-run Power Finance Corporation (PFC) recently initiated a scheme to pay for employees’ higher studies in India or abroad. The company will bear all expenses from travel, stay and examination and course fees on behalf of the employees. Interestingly, the employees selected under the ‘executive education and competence building’ programme will be considered for appraisals and no disciplinary action will be taken action them for absenteeism.
All Expenses Paid
A senior PFC official said the scheme is aimed to assist executives upgrade their work skills, while also acting as a retention tool. In addition to sponsoring employees for training and development programs at institutes in India and abroad, National Thermal Power Corporation (NTPC) provides long-term education opportunities in association with International Management Institute and Indian Institute of Technology in Delhi. The company even provides a marriage portal for employees and their wards, which, the company says, ‘facilitates in finding the right life partner.’ Many companies like NTPC and PFC offer home loans upto Rs 20 lakh for 25 years and car loans from Rs3 lakh to Rs 6.5 lakh at subsidised rates depending on seniority of the executives. Complete reimbursement of medical expenses and free check ups at empanelled hospitals is one of the most common employee care initiative taken by PSUs. Most PSUs, however, have withdrawn schemes like Leave Travel Concession allowance and made lease facilities stricter after a directive from the Department of Public Enterprises in 2009 that limited the value of perks payable to 50% of an employee’s basic pay. The PFC official said the company paid higher perks before the DPE directive. He, said however, that post retirement benefits like free medical treatments are good tools for retention. NTPC’s director of human resources, S P Singh said the company provides leave beyond statutory limits for meeting any exigencies in an employee’s life. “The reward and recognition system at NTPC has been designed in a manner to provide suitable recognition to the high performance and efforts of the employee. Job rotation and relocation are also done based on the personal needs of the employee to keep his level of motivation high,” he said.
Dreaded Bell Curve
Besides, the company also encourages employees to give feedback and suggestions on perks and other employee welfare schemes. Many employees resent the introduction of modern reward systems such as performance-linked pay, in which a dreaded “bell curve” ensures that a handful of employees get a better reward. “In our company, if three people get a performance pay of Rs 4 lakh, the ones who get Rs 3 lakh is disgruntled. Typically, if there is additional work, they will say ‘get it done from those who get Rs 4 lakh’,” a state firm’s employee said.

Perks of Public Inc
NTPC
NTPC officers and their families stay in townships in the remote areas where they are posted. Townships have hospitals, recreation centres and schools.
Company has tied up with IMI, Delhi and IIT for full time MBA and MTech courses for employees
It launched a marriage portal for employees and their wards to help them find life partners ONGC
Employees get allowance for fixed amount of petrol. Amounts to 20% of basic pay and rises as petrol prices rise. Employees are entitled even if they take public transport
Employees can take 47% of pay in reimbursements. 100% medical cover and soft loans are available
Those on offshore duty (2 week stint) get hardship allowance. Next two weeks are paid leave at home

PFC
Has initiated scheme to pay for employees’ higher education abroad. Company will bear all expenses including travel, stay, accomodation and course fees.
Employees selected
under the scheme will be eligible for appraisals. The scheme acts as a retention tool
Home loans upto 20 lakh. Car loans from 3 lakh-6.5 lakh

MECON
In its Shyamali colony in Ranchi, the engineering consultancy has homes for employees, a stadium, a library, playgrounds, a club and a kala kendra for cultural events.
The colony’s school provides free schooling to children of all employees from nursery to class 12.
The company’s ISPAT hospital provides free medical care

Sarita C Singh ET121020