PSU Employees Pay Hikes approved by Cabinate: Sixth Pay Commission Pay Hike

The latest news on the Sixth Pay Commission: It is regarding the Pay Hike for PSU Employees. It is in continuation of our previously reported article on 26th October, where we mentioned that there can be a Pay Hike for PSU Employees and the good news it has been approved by the cabinate. Wikipedia on Sixth Pay Commission Site
It is the time when all the employees in the private sector, especially those burdened with loans, are wishing not to loose their jobs. Their counterparts in the government companies like the PSU or Public Sector Undertaking companies, are laughing all the way. Any why shouldn't they, because today the cabinate has given its approval to hike the salaries of employees of the Government PSU.

How many employees will benefit from this PSU Employees Pay Hike?
Around 2.5 lakh employees are expected to benefit from the PSU Employees Pay Hikes.

Which company employees will benefit from the PSU Employees Pay Hike?
It is learnt that more than 200 company employees will beenfit from the PSU Employees Pay Hike. However, some news sources have quoted the no. of companies to be around 270. Though there are doubts about it.
Image Courtesy: The Hindu.
Which date will PSU Employees Pay Hike be effective?
The new compensation package become effective from January 1, 2007.

What range is the PSU Employees Pay Hike offered?
As per the news the basic pay of chiefs of central PSUs will now range from Rs 55,000 to Rs one lakh.
Performance-related incentives and stock options could also be part of the revised pay package. The government’s decision is aimed at stopping the switching of jobs of talented CPSU employees to the private sector.

What other benefits can be expected by the PSU Employees Pay Hike?
The pay hike package will include revision in dearness allowance performance related-incentives and other perks, said Prithviraj Chavan, Minister of State in Prime Minister's Office. Money for the pay hike would come from individual companies.

There are 247 central public sector undertakings, of which 216 are in operation. The companies employ around 16,14,000 people, of whom 12,36,000 negotiate their wages directly with their respective companies.
However, it is reported that only Profit making PSU employees will be given a PSU Employees Pay Hike. Not sure whether this news is true and whether the loss making PSU employees will have any pay hike.