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After students, IIM profs too get rich | What's in store
Published on Wed, Mar 26, 2008 at 08:11, Updated at Wed, Mar 26, 2008 in Business section
Tags: IIM, Sixth Pay Commission , Mumbai
MONEY AND MANAGEMENT: The IIM faculty had got no increment for the past 10 years.
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Mumbai: If you thought graduates of Indian Institutes of Management are the most envied for their huge pay packets, their teachers are not too far behind.
As per the recommendations of the Sixth Pay Commission, the faculty are looking at a minimum 35-40 per cent hike in their gross salary.
That comes as sweet news to the faculty, who have not seen an increment in 10 years.
“This increase after 10 years will still help retain good faculty because people teach not only for money but also the autonomy and other factors. This is a significant step to help us to attract good faculty members,” says Dean, IIM-Calcutta, Anindya Sen.
That's not all. Performance-based incentives are also on the cards. But experts say this is small change.
“It's only a very small percentage of gross salary. 2.5 per cent hike with 3.5 per cent for those who performed well. Not a very significant number in performance linked pay,” says Sen.
Faculty may well have to wait till 2009 before their bank accounts reflect the recommended hike.
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Total Comments: 2
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The IIMs are known to produce high quality management graduates year on year. This is a result of a hard
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Well, neither IIM Professor nor IIT Professor doesn't get richer than TV correspondent or movie star. So, what's the big
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