GSPC technical managers get 40% pay rise

Vol 16, PW 7 (18 Oct 12) News in Brief
     

Anybody who thinks you can’t get rich at state-owned companies should look at GSPC.

Managing director Tapan Ray has approved a 40% pay increase for technical managers in the company’s exploration, surface and sub-surface management, surface facility development, offshore and onshore production, and drilling and field services departments. Ray’s order dated August 24, with backdated effect from August 1, is meant to attract and retain technical talent.

“Finding good experienced technical people is difficult,” says GSPC. “Retaining these people is crucial.

” Only employees at manager level or above in the four technical departments are eligible for the incentive, packaged as ‘industry parity allowance’ and separate from the ‘dearness allowance’ or annual increase for inflation. It does not apply to employees at GSPC group companies like Gujarat State Petronet or GSPC Gas.

Seven top GSPC engineers are paid over Rs500,000/month ($9423).