The position of Assistant Professors will be in PB-3 i.e. Rs.15,600-39,100 with minimum pay of Rs.30,000/- (called the basic) with Grade pay Rs.8000/- plus allowances. After completion of three years service in PB-3 they will be placed in PB-4 i.e. Rs.37400-67000 with Grade pay of Rs.9000/- plus allowances.
The faculty is eligible for the following allowances:
Dearness allowance (DA) as on 1 Aug 2011 is 58% of Basic (B) and grade pay (GP).
House Rent Allowance, HRA, which is 30% of B+GP in metros (Bangalore, Hyd, Chennai, Mumbai, Delhi) and will be different in other places.
Transport Allowance (TA): 3,200 + DA (currently, 58% i.e., TA=3200*1.58)
Telephone (including broadband charges): 1,000
All the above are provided without submission of bills. HRA will be paid to employees who do not stay in quarters provided by IISc/IIT. It does not matter whether the employee is actually staying in an own house or paying rent. The transport allowance will be paid to all employees even if they stay in the quarters.
All faculty and their family (limited to six members) are covered by a comprehensive health plan. One can get additional coverage by paying a little more premium yearly. For minor ailments, one can visit the health centre within the campus. Treatment and testing within this centre is free.
In terms of provident fund,10% of the basic + GP is contributed by the institute and 10% is deducted from the salary for future retirement benefits.
The Dearness allowance increases based on inflation and increases by 6-7 percent every year. In addition, there is an increment of 3 percent every year on the basic salary. Normal increment date is July 1 every year,. Note that if you complete at least six months prior to July 1st, you will be eligible for your first increment.
The taxation policies are complicated and depend on your savings in certain government approved schemes. The approximate tax varies from 20% to 30%.
Faculty who have joined after 1.1.2006 are not eligible for the standard pension. Instead, they come under the new pension scheme.
All faculty are also eligible to avail of Rs. 3 lakhs in a period of 3 years for their research. This can include travel, buying chemicals, books, consumables etc. This block period is from Sep 2011 to Aug 2014.
In addition, they are benefits that are provided only if it is claimed. This includes children education allowance, subsidy for single girl child, Leave travel concession for the whole family every year, medical benefits to the family, travel money for attending conferences etc.
In addition, one can get fellowships that vary from Rs 60,000 to Rs 6 lakhs per year from DST/DBT, depending on the fellowships. These fellowships are, however, competitive. In addition, if one is a fellow of two (of the four) academies or has won the Bhatnagar award, one would get Rs. 1.8 lakh per year till retirement. Roughly 30% of the teaching faculty in IISc get these.
The amount obtained by consultancy also varies from faculty to faculty with some faculty getting close to Rs 20 lakhs per year. For consultancy, the faculty receives 60% of the amount while the institute takes 40% as overheads.
Further, each faculty is given vacation for three months every year where he/she can travel/work anywhere and earn whatever money.