The Union Cabinet today approved the revision of the consolidated pay package of Chairpersons and full time members of regulatory bodies with effect from 01.07.2013. The revised pay package is as follows :-

Chairperson - Rs. 4.5 lakh per month (without house and car)

Full time member - Rs. 3.75 lakh per month (without house and car)

There are nine regulatory bodies where the revised consolidated pay package will apply. These are the :

(I) Insurance Regulatory Development Authority (IRDA).

(ii) Telecom Regulatory Authority of India (TRAI),

(iii) Central Electricity Regulatory Commission (CERC),

(iv) Competition Commission of India (CCI),

(v) Securities and Exchange Board of India (SEBI),

(vi) Pension Fund Regulatory and Development Authority (PFRDA),

(vii) Petroleum and Natural Gas Regulatory Board (P& NGRB)

(viii) Warehousing Development and Regulatory Authority (WDRA),

(ix) Airports Economic Regulatory Authority of India (AERAI)

Consolidated pay package revised for regulatory body chairpersons and members; new monthly pay rates effective from July. Revision of the consolidated pay package for senior office holders of specified regulatory bodies was approved by the Union Cabinet, effective from 01.07.2013. The decision sets distinct consolidated monthly remuneration levels for Chairpersons and full time members, excludes house and car provisions, and applies uniformly to nine named regulators covering sectors such as insurance, telecommunications, electricity, competition, securities, pensions, petroleum and natural gas, warehousing, and airport economic regulation.