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Friday, April 18, 2008

Profs can expect salary hike up to 200%

Top academicians of the country can hope for top salaries too. The faculty members of IITs and IIMs may see a salary rise as high as 200%, to bring them at par with global pay levels. Not just that, the pay scales will be relaxed and a contract system introduced for offering flexible pay packs to ensure that the best brains are not lost to the private companies.
Despite the Sixth Pay Commission recommendations not having a direct bearing on their salaries, the recommendations made by a separate committee formed by the Union ministry of HRD—to be possibly submitted within six months—will have enough clues to take from the Commission recommendations to help country’s top institutes compensate their faculty members in the best terms possible. The exercise is to ensure that the faculty is encouraged, salarywise, to put in their best in shaping up the country’s top talent.
“The recommendations will be based on what has been laid down in the Sixth Pay Commission, as has been the norm. And if this happens, then IIMs and IITs will be in a position to bring salary of faculty members at par with international standard. This will arm these institutions with the flexibility of deciding their own salary,” said senior IIM-A faculty and member of the Sixth Pay Commission Prof Ravindra Dholakia.

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