The basic pay for an assistant professor, associate professor and professor will be Rs. 38,000, 53,000 and 59,000, respectively. Institute professor will receive Rs. 75,000. For those familiar with the Sixth pay commission terminologies, an assistant professor will be in pay band 3 for the first three years and then moved to pay band 4 (PB-4). This is due to an excellent suggestion that was originally mooted by the director of IISc.
For those unfamiliar with the terms in the report, IIT, IISc, IIM follow the four tier system (Lecturer, Assistant professor, Associate Professor, Professor) while NITs follow the three tier system (Lecturer, Assistant professor and Professor). An associate professor from the four tier system draws the same salary as that of a professor in the three tier system.
There is also a higher scale than professor in IIT/IISc/IIM, which was termed as professor of eminence, superscale etc. Now it is called Institute professor. MHRD had previously regulated that only 10% of the faculty can belong to this cadre, but Mehta's committee recommends that only 3% be given this scale.
The increments proposed by the committee are that 25% of faculty will get 4% increment every year while the rest will get 3% increment every year. Though many faculty in IIT/IISc were expecting better allowances than that of UGC, all other allowances are the same as that of proposed by UGC. The only exception is that Rs. 4 lakhs will be given every three years as professional development fund that can be used for contigencies, travel and research expenses. Thus all allowances mentioned in my previous post (which were based on UGC) stand unaltered.