Eh, what range you referring to? If you are an Engineer in ST and you follow the above formula linearly, You should realise that you are getting an estimated fresh grad first class honors local/good university salary with NS (market rate as per govt's data; after 20% salary adjustment in June 2016).

For sharing, E5 is the starting grade for local uni fresh grad in ST. Next is E6 and then followed by M1. The title is as such, Engineer (E5) -> Senior Engineer (E6) -> Assistant Principle Engineer (M1/M2).

For Govt's Stat Board, it is Engineer (grade 12/13) uni fresh grad -> Executive Engineer -> Senior Engineer.

Also, govt's yearly increment is way higher than ST's 1- 2% annually.