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Comprehensive IOCL Employee Benefits

The document outlines compensation and benefits for an employee at Indian Oil Corporation (IOC). It details that total gross salary would be around 123k per month including a basic pay of 60k, allowances for DA, cafeteria, shift work and accommodation. It also covers benefits like EPF contributions, an annual bonus of 1.8 lacs, medical and insurance coverage, loans, paid leave, and allowances for expenses like mobile and laptop costs. Overall the package provides a salary of around 16 lakh per year along with various other allowances and benefits.

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Panchdev Kumar
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1K views2 pages

Comprehensive IOCL Employee Benefits

The document outlines compensation and benefits for an employee at Indian Oil Corporation (IOC). It details that total gross salary would be around 123k per month including a basic pay of 60k, allowances for DA, cafeteria, shift work and accommodation. It also covers benefits like EPF contributions, an annual bonus of 1.8 lacs, medical and insurance coverage, loans, paid leave, and allowances for expenses like mobile and laptop costs. Overall the package provides a salary of around 16 lakh per year along with various other allowances and benefits.

Uploaded by

Panchdev Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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 Basic pay -60000


 D.A-3000( 5%)
 Cafeteria allowance-21500
 Shift allowance-5500 to 6000 (for production engineer)
 Accommodation on lease-19200(32% of B.P)/accommodation in Township
 Conveyance/petrol allowance-7000
 Saturday working allowance-6000
total gross salary would be around 123k

12% of B.P & D.A will deduct for E.P.F

So salary would be around 115k after deduction

IOC will Contribute 30% in superannuation benefit fund scheme (SABF)

SABF breakup

(12% EPF by employee+12% CPF by employer+ Gratuity+post retirement medical


facilities)

115k+19k=134k (Gross salary/month)

So 134k×12 month=16 lakh

Now come to the other allowance & benefits given by IOC

1. Spectacle Allowance (everyone can claim-12500₹)


2. Hardship allowence-10% of basic pay
3. Performance related pay (PRP)
4. performance based incentive
5. Bonus yearly (it was 1.8 lacs for newly joined in 2018)
6. Mobile phone claim-15000₹ (onces in 2 year)
7. Laptop claim-50000₹ (once in 3 year)
8. DTH Claim-4000₹
9. Electronic organiser claim-2500₹
10. Furniture claim-130000(every 6 year)
11. Mobile-cum-internet bill reimbursement-1250 ₹/month
12. D.P.S school inside the township (for IOC employees children)
13. 24×7 electricity & water ( free of Cost)
14. Unlimited Medical Facilities(For self & dependent)
15. Group personal accident insurance
16. Employee pension scheme (EPS 1995)
17. If you are working in shifts. Three shifts are there, Shift A- 06:00–14:000, shift B- 14:00 to
22:00, shift C- 22:00 to 06:00
18. Deluxe bus for IOCL employees and dependent with installed CCTV camera
19. HBA loan of Rs 4000000 at very nominal interest.You can use after 3 years of service.
20. Professional body membership (like iEEE) Annual membership of Indian org/inst Rs 2000.
21. Holiday homes facilities during service & retirement By IOCL( e.g Goa
,Manali,Ooty,puri,masoori)
22. Nominated Hotels
23. Life time medical care :Post retirement medical facilities
24. LTC/LFA (every 2 year)
25. Complete Life insurance( for You and your dependent)
26. Nominated hospitals in all major city
27. Sports Shoes/safety shoes(every year)
28. Subsidised canteen facilities
29. Paternity/maternity leave( paid leave)
30. Tatkal sahayta perks (for financial assistance)
31. O.F.S (offer for sale) share of IOCL below the market price (only for IOCL employees)
32. Transfer benefits (every time, you will get good bucks more than double what is actually
spent)
33. For Overtime you would be paid very handsome Money.
34. Motorbike/4W Advance
35. Festival advance
36. Leave encashment facilities
37. Iocl day (1 september)/Refinery day(12 July)- shopping coupon of Amazon which Cost
upto ₹3000
38. Diwali day Celebration Gifts
39. KHADI INDIA Vouchers of worth 13000₹
40. MoU target achievement celebration gifts
41. 2 pair Of Unstitched Shirt, paint & Coat(Stritching Allowance also given by IOCL-8000₹)
42. Diwali Bonus
43. Funeral allowance
44. Toll tax reimbursement etc.

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