Understanding the In-Hand Salary in PSUs for Pay Scale 24900

Introduction

In Public Sector Undertakings (PSUs) in India, the pay scale of 24,900 typically represents the basic pay for entry-level positions such as those in the E-1 grade. The in-hand salary, however, can vary significantly based on various factors including allowances, deductions, and the specific PSU's policies. This article delves into the components of the salary and the actual in-hand salary calculation for pay scale 24,900, providing readers with a comprehensive understanding of PSU salaries.

Components of Salary

The in-hand salary is composed of several key components, which are discussed below:

1. Basic Pay

The basic pay for a pay scale 24,900 is ?24,900. This is the fixed component of the salary and remains constant barring any changes in the pay structure.

2. Dearness Allowance (DA)

The Dearness Allowance is a component that is adjusted periodically based on the consumer price index. As of 2023, DA is around 42% of the basic pay. However, it's important to check the latest rates.

3. House Rent Allowance (HRA)

The House Rent Allowance is generally around 8-24% of the basic pay, depending on the city of posting. For a metro city, a common percentage is 24% of the basic pay.

4. Other Allowances

Other allowances may include medical allowances, transportation allowances, and other benefits as specified by the specific PSU.

5. Deductions

Deductions from the in-hand salary include:

Deduction 1: Provident Fund (PF)

The Provident Fund contribution is typically 12% of the basic pay.

Deduction 2: Professional Tax

Professional tax varies by state.

Deduction 3: Income Tax

Income tax is based on the tax slab applicable to the individual.

Example Calculation

Note: The following calculations are based on hypothetical figures and should be cross-referenced with the latest PSU policies and rates for accuracy.

A. Assuming a DA of 42% and HRA of 24% for a metro city:

Basic Pay: ?24,900 DA: ?24,900 × 42% ?10,458 HRA: ?24,900 × 24% ?5,976 Total Gross Salary: ?24,900 ?10,458 ?5,976 ?41,334 Deductions: Provident Fund (PF): ?24,900 × 12% ?2,988 Professional Tax (PT): ?200 (approx.) Total Deductions: ?2,988 ?200 ?3,188 In-Hand Salary: ?41,334 - ?3,188 ?38,146 (approx.)

Conclusion

The in-hand salary for a PSU employee with a pay scale of 24,900 is approximately ?38,146 per month. However, this can vary significantly based on specific allowances, deductions, and the PSU's policies.

Additional Information

In some companies, the in-hand salary for a pay scale 24,900 can be around ?58,000 - ?59,000 after considering the varying DA and perks. It is important to note that these figures can differ significantly across different PSUs and are subject to change based on recent pay revisions.

For instance, the last pay revision for officers in January 2018 has eliminated the pay scale 24,900 and replaced it with 60,000, with structural changes in the DA and perks.

Key Takeaways

The basic pay for a pay scale 24,900 is ?24,900. Dearness Allowance (DA) varies and is around 42% of the basic pay. House Rent Allowance (HRA) can range from 8% to 24% of the basic pay. Deductions, such as Provident Fund (PF) and Professional Tax, impact the in-hand salary significantly. The in-hand salary for pay scale 24,900 can range from ?38,000 to ?59,000, depending on the specific PSU and other factors.