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IOCL Salary Structure, Pay Scale, Allowances & Benefits 2021

Updated On -

Mar 19, 2021

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Sudeshna Bhar

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IOCL or Indian Oil Corporation Limited, Oil and Gas Company is the biggest PSU or Public Sector undertaking belonging to the Government of India. The gross salary of IOCL employees is INR 60,000 - 1,80,000/-. However, the salary varies depending on the posts. There are several allowances such as DA, HRA, TA, MA etc.

Applicants can also check IOCL Salary through Gate, IOCL Salary In Hand, IOCL Fresher Salary, IOCL Job Salary, IOCL Salaries, and Indian Oil Pay Scale from underneath the segment of this page.

IOCL Salary

IOCL Salary Structure

IOCL grade pay is various as per the situation of the worker. The PayScale of IOCL climb will be in the middle of 30% to 40% that will be converged in the fundamental compensation.

Salary Components Amount (INR)
Basic Pay 60,000
Pay Scale 60,000 – 1,80,000
Dearness Allowance 5,280
Employer Contribution 15,668
PRP 24,000
Perks 21,000
Total Gross Salary 1,25,948

IOCL Officer in Hand Salary

The in-hand salary of the Indian Oil Corporation Limited officer differs between 60,000 per month to 55,000 per month without any extra perks. Though if we enhance perks to this. Then it will be worth much more than this.

IOCL Pay Scale

IOCL Pay Scale 2021

  • There are three classes of employees in Indian Oil Corporation Limited: Board Level Employees like Consisting of Chairman and Directors, Below Board Level workers and workmen.
  • The pay scales of directors and Chairman are 1, 80,000 – 3, 40,000, and 2, 00,000 – 3, 70,000 respectively.
  • Worker below the board level are compensated according to the following pay scales:
Designation Level Pay Scale (INR)
Assistant Officer A0 50,000 – 1,60,000
Officer A 60,000 – 1,80,000
Assistant Manager B 70,000 – 2,00,000
Deputy Manager C 80,000 – 2,20,000
Manager D 90,000 – 2,40,000
Senior Manager E 1,00,000 – 2,60,00
Chief Manager F 1,20,000 – 2,80,000
Dy. General Manager G 1,20,000 – 2,80,000
General Manager H 1,20,000 – 2,80,000
Executive Director I 1,50,000 – 3,00,000
Director Director 1,80,000 – 3,40,000
Chairman Chairman 2,00,000 – 3,70,000
IOCL Allowances

IOCL Allowances and Benefits

Indian Oil Corporation Limited will not only receive a great salary but also receive the best amount of benefits and allowances which will also give to the newly recruited executive of the company as provided below.

  • Medical Allowances
  • Location Allowances
  • Telephone Allowances
  • Mining Allowances
  • Post-retirement facility plan Allowances
  • Performance Allowances
  • Conveyance Maintenance Allowance
  • Superannuation Benefits Allowance
  • Composite Social Security plan as per company guidelines

Dearness Allowance

Workers of the Indian Oil Corporation Limited are paid Dearness Allowances of their basic pay by AICPI or All India Consumer Price Tax Index. The DA is studied quarterly and its present rate is 121% of basic pay.

House Rent Allowance

IOCL workers also get HRA or House Rent Allowance, which is based largely on the place of their posting. For the reason of this allowance IOCL has classed Indian town into three classes like X, Y and Z. this distribution of HRA in this town is as follows:

City Population HRA
X 5 Million and more 30% of basic pay
Y 0.5 million to 5 million 20% of basic pay
Z Less than 0.5 million 10% of basic pay

Nonetheless, House Rent Allowance is not paid to workers when IOCL given accommodation is available in the city.

Shift Allowance

For workers who work in rotating shifts, there are rules and regulation of a shift allowance in IOCL. Their rates for this allowance are provided below.

Category Evening and Morning shift Night Shift
Officers (Grade C and Above) INR. 100 per shift INR. shift150 per
Officers (Grade A & B) INR. 80 per shift INR. 130 per shift
Workmen INR. 65 per shift INR. 105 per shift

Superannuation Benefits

All workers will also be included under the Centre's new pension plan and health insurance plan, which will give great security to them and their families post-retirement.

Higher Ceiling for Perks Benefits

Indian Oil Corporation Limited workers can avail allowances and perks up to 44 per cent of their basic pay. But, when basic pay will be growth after the merging of Dearness allowances ceiling of allowances will also be elevated.

Indian Oil Corporation is limited to being the commercial enterprise in India having a best and strong workforce of 30,000. In the year 2021, Indian Oil Corporation was recorded in lofty "Worldwide 500" at 161st position.

IOCL FAQs

IOCL FAQS 2021

Ques: What is the Full Form for IOCL?

Ans:Indian Oil Corporation Limited or IOCL is a Maharatan company to know more detail you can go to the official website.

Ques: How can I achieve a job in IOCL through GATE?

Ans:IOCL comportments of the officers depending on the GATE scores of the students. You will have to apply for this recruitment to be considered.

Ques: What is the salary of Officers chosen through IOCL recruitment through GATE?

Ans:The Starting salary of the Students is INR. 60,000/-per month. The overall CTC is INR 17 Lakhs.

3 Months Crash Course

*The article might have information for the previous academic years, please refer the official website of the exam.

Comments


7 Comments
A
ammar zaheer ahmed
Will there be shifts while working here?
J
jaya garg

Hi Ammar. Yes, for the workers who work in rotating shifts, there are rules and regulation of a shift allowance in IOCL. For instance, Officers (Grade C and Above) working in the morning shift get INR 100 per shift. Other rates for this allowance are mentioned here.

N
nishu
Why Dearness Allowance Is given?
J
jaya garg

Hi Nishu. Workers of the Indian Oil Corporation Limited are paid Dearness Allowances of their basic pay by AICPI or All India Consumer Price Tax Index. The DA is revised quarterly and its present rate is 121% of basic pay.

N
nafisa khatoon
Does IOCL employees get some allowances and benefits?
J
jaya garg

Hi Nafisa. Some of the kind of allowances and benefits include Medical Allowances, Location Allowances, Telephone Allowances, Mining Allowances, Post-retirement facility plan Allowances, among other mentioned here.

S
shivkumar dama
Will working at IOCL is a great decision?
J
jaya garg

Hi Shivkumar. Indian Oil Corporation is limited to being the commercial enterprise in India having a best and strong workforce of 30,000. In the year 2021, Indian Oil Corporation was recorded in lofty "Worldwide 500" at 161st position.

A
ammar zaheer ahmed
What Is the pay scale of the chairman?
J
jaya garg

Hi Ammar. The pay scales of directors and Chairman are INR 1, 80,000 – 3, 40,000, and 2, 00,000 – 3, 70,000 respectively. However, the worker below the board level are compensated according to the pay scales mentioned here.

R
rohan bharti
How many classes of employees are there in the Indian Oil Corporation Limited?
J
jaya garg

Hi Rohan. There are three classes of employees in Indian Oil Corporation Limited including Board Level Employees like Consisting of Chairman and Directors, Below Board Level workers and workmen.

A
ananya pandey
What Is the gross salary of IOCL employees?
J
jaya garg

Hi Ananya. There salary varies from INR 60,000 to 1,80,000. However, the salary varies based on the posts as there are allowances such as DA, HRA, TA, MA etc. Further details are here.