Dussehra Gift: Odisha Govt Announces 4% Hike In DA For PSU Employees

Bhubaneswar: In a Dussehra gift for the PSU employees, the Odisha government on Wednesday announced a 4% hike in their dearness allowance (DA).

This comes more than six months after the state government decided to give it to its employees.

According to the Finance Department, the raise from 46% to 50% will come into effect retrospectively from January 1, 2024, for the employees of the state PSUs in the Revised Scale of Pay, 2017. It further stated that the DA will be sanctioned to eligible employees of state PSUs who have satisfied entitlement criteria on case-to-case basis.

The criteria are as follows:

i) Completion of statutory audit up to FY 2023-24.

ii) The PSUs should not have defaulted in repayment of loan to any bank/financial institution or to the state government.

iii) Should not have defaulted in payment of statutory dues of employees such as Provident Fund & ESI.

iv) Should not be in receipt of any budgetary grant or subsidy partly or fully for covering its Administrative/Establishment expenses.

v) Should have adequate internal resources to meet the additional financial burden arising out of the enhanced dose of DA from its own sources.

vi) Signing of MOU with the Administrative Department for FY 2024-25.

vii) Should have ensured appointment of Independent Directors in their Board as per requirement of Corporate Governance Manual.

viii) Only profit-making State PSUs shall release the additional dose of 4% DA to its employees raising it from 46% to 50% drawing pay in Revised Scale of Pay, 2017.

ix) Administrative Department must ensure that the additional financial burden towards release of DA shall be borne by the concerned PSU itself out of its own resources without any financial assistance from government exchequer.

The Odisha government has also revised the ceiling limit of death-cum-retirement gratuity for its employees from Rs 15 lakh to Rs 20 lakh with effect from January 1, 2024.

Also Read:  Odisha Govt Increases Gratuity Limit Of Its Regular Employees