Finance Ministry Launches PLI Scheme for Top Executives of Public Sector Banks. Goverment Scheme | Dated: 25 Nov 2024 The Ministry of Finance (MoF) has launched a revised Performance-Linked Incentive (PLI) scheme with an aim to reward and motivate employees for significant value creation for various stakeholders. 🎯 Key Highlights: - The previous PLI scheme was restricted only to Whole-Time Directors (WTDs) - Managing Director (MD) & Chief Executive Officers (CEOs) and Executive Directors. - The revised scheme also applies to senior executives in the rank of Chief Manager and above. - This revision will reduce the existing wide compensation disparity between senior executives of Public Sector Banks (PSBs) and private sector banks (PvSBs). 💡 Other Important Facts: (i) The PLI ceiling for MD & CEO and Executive Directors of nationalised banks and Chairman and Managing Directors (CMD) and Deputy Managing Directors (DMD) of State Bank of India (SBI) has been fixed at 100% of their annual basic pay. (ii) On the other hand, the PLI ceiling for senior executives in the rank of Chief General Manager (CCM) and General Manager (GM); and Deputy General Manager (DGM) and Assistant General Manager (AGM) has been fixed at 90% and 80%, respectively, of their annual basic pay. (iii) For Chief Manager, this ceiling has been set at 70%. 📚 Test Your Knowledge: Recently, which ministry launched the PLI scheme for senior executives of public sector banks? Correct Answer: MoF 🚀 Quick Recap: About Ministry of Finance(MoF) Cabinet Minister : Nirmala Sitharaman Headquarters: New Delhi