The State-Owned Enterprises (SOEs) employees received the much awaited pay revision

The pay revision is effective from 1 October 2023

The Ministry of Finance (MoF) stated that the pay and allowance for the regular employees of the SOEs is revised between 46 percent to 72 percent.

Further, the company and position specific allowances are the allowances approved by MOF. The two allowances will be reviewed by the respective SOE boards keeping in mind the relevance and affordability, and will further have to be endorsed by MoF to prevent the proliferation of the allowances.

SOEs will also receive the Performance Based Variable Incentive (PBVI) at 25 percent, which is at par with DHI Companies.

MoF also outlined that the revision of pay and allowances for contract employees including CEO of the SOEs shall be decided by their Board with the basic pay remaining unchanged. The Contract Allowance for CEO shall not exceed 60 percent of the minimum basic pay.

A Grade 19 SOE employee with the basic pay of Nu 10,180 will now get a gross pay of Nu 20,148 after adding a 20 percent allowance of Nu 3,500 and Nu 6,468 as increment allowance. This is a 64 percent pay hike.

Mid level SOE employee at Grade 8 with the basic salary at Nu 20,230 will now earn a gross salary of Nu 36,500 after adding the 60 percent hike (20 percent allowance of Nu 4,046 and Nu 12,224 as increment allowance).

Grade 1 employee earning a basic pay of Nu 55,580 will now receive Nu 92,018 as gross pay after 46 percent pay hike (20 percent allowance of Nu 11,116 plus Nu 25,322 increment allowance).

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