Dear Readers, as Most of you have joined their respective banks and some other waiting for joining. The candidates are now curious about the Salary and Promotion of IBPS PO .
In this article, we are trying to solve queries related with IBPS PO associate Bank
The latest revision of Bank PO’s salary as per 10th Bipartite settlement, took place on Nov 2012; however the final agreement was signed in May 2015. According to which the revised salary of Bank PO will come into effect from 1st January 2016.
The revised basic pay of PO thus becomes –
23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020
Here Rs. 23700 is the revised basic pay of Bank PO as applicable on 1st January 2016. Thus the new entrant in a Bank as PO is liable to get Rs. 23,700 as basic pay.
Rs. 980 is the annual increment that a Bank PO will get and it will be applicable for a period of 7 years.
Allowances: These comprise of amounts given to cover additional expenses incurred. They are given as a percentage of basic salary. Most common types of allowances for Banks and other PSUs are listed below-
1. Dearness Allowance (DA): In Banks, DA is revised quarterly and is based on the CPI data as revealed by Government of India.
The last Revised DA for the quarter of November and December, 2015 and January, 2016 is 39.80% of the Basic Pay.
Since it depends on CPI, DA can go up with higher Inflation and vice versa.
2. Special Allowance: In the latest revision, a special allowance has been added to the salary structure of Bank PO.
And it is 7.75% of the Basic Pay.
3. House Rent Allowance: This varies according to Bank PO’s place of posting and can be 9.0% or 8.0% or 7.0% depending upon metros, big cities and other locations.
4. City Compensatory Allowance: This also depends on the place of posting and can be either 4% or 3 % or 0%.
Hence the total Salary (without HRA) of Bank PO becomes Rs. 35,700 – 36,570. While considering the HRA into account, it becomes Rs. 37,360 -38,700.
Perks:
1. Leased Accommodation: this facility is available to Bank PO in place of HRA. At some places, banks provide Official Bank Accommodation/Bank Quarter as leased accommodation. This amount is not available as cash component and will directly go to the house owner – you have got leased.
2. Traveling Allowance: Few banks provide fixed Traveling Allowance whereas others allow reimbursement of petrol bills i.e. officer must own scooter / car at the place of posting.
3. Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper.
4. Medical Aid: A fixed annual amount is paid by most of the banks (Revised amount is Rs8000/- p.a.)
5. Benefits under New Pension Scheme.
Career Path in Banking Sector:
Junior Management Grade – Scale I: Officer i.e. PO
Middle Management Grade – Scale II: Manager
Middle Management Grade – Scale III: Senior Manager
Senior Management Grade – Scale IV: Chief Manager
Senior Management Grade Scale V: Assistant General Manager
Top Management Grade Scale VI: Deputy General Manager
Top Management Grade Scale VII: General Manager
Executive Director (ED)
Chairman and Managing Director (CMD)
For More Details - Career as Bank PO (Probationary Officer)
In this article, we are trying to solve queries related with IBPS PO associate Bank
The latest revision of Bank PO’s salary as per 10th Bipartite settlement, took place on Nov 2012; however the final agreement was signed in May 2015. According to which the revised salary of Bank PO will come into effect from 1st January 2016.
The revised basic pay of PO thus becomes –
23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020
Here Rs. 23700 is the revised basic pay of Bank PO as applicable on 1st January 2016. Thus the new entrant in a Bank as PO is liable to get Rs. 23,700 as basic pay.
Rs. 980 is the annual increment that a Bank PO will get and it will be applicable for a period of 7 years.
Allowances: These comprise of amounts given to cover additional expenses incurred. They are given as a percentage of basic salary. Most common types of allowances for Banks and other PSUs are listed below-
1. Dearness Allowance (DA): In Banks, DA is revised quarterly and is based on the CPI data as revealed by Government of India.
The last Revised DA for the quarter of November and December, 2015 and January, 2016 is 39.80% of the Basic Pay.
Since it depends on CPI, DA can go up with higher Inflation and vice versa.
2. Special Allowance: In the latest revision, a special allowance has been added to the salary structure of Bank PO.
And it is 7.75% of the Basic Pay.
3. House Rent Allowance: This varies according to Bank PO’s place of posting and can be 9.0% or 8.0% or 7.0% depending upon metros, big cities and other locations.
4. City Compensatory Allowance: This also depends on the place of posting and can be either 4% or 3 % or 0%.
Hence the total Salary (without HRA) of Bank PO becomes Rs. 35,700 – 36,570. While considering the HRA into account, it becomes Rs. 37,360 -38,700.
Perks:
1. Leased Accommodation: this facility is available to Bank PO in place of HRA. At some places, banks provide Official Bank Accommodation/Bank Quarter as leased accommodation. This amount is not available as cash component and will directly go to the house owner – you have got leased.
2. Traveling Allowance: Few banks provide fixed Traveling Allowance whereas others allow reimbursement of petrol bills i.e. officer must own scooter / car at the place of posting.
3. Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper.
4. Medical Aid: A fixed annual amount is paid by most of the banks (Revised amount is Rs8000/- p.a.)
5. Benefits under New Pension Scheme.
Career Path in Banking Sector:
Junior Management Grade – Scale I: Officer i.e. PO
Middle Management Grade – Scale II: Manager
Middle Management Grade – Scale III: Senior Manager
Senior Management Grade – Scale IV: Chief Manager
Senior Management Grade Scale V: Assistant General Manager
Top Management Grade Scale VI: Deputy General Manager
Top Management Grade Scale VII: General Manager
Executive Director (ED)
Chairman and Managing Director (CMD)
For More Details - Career as Bank PO (Probationary Officer)
Dear Readers, as Most of you have joined their respective banks and some other waiting for joining. The candidates are now curious about the Salary and Promotion of IBPS PO .
In this article, we are trying to solve queries related with IBPS PO associate Bank
The latest revision of Bank PO’s salary as per 10th Bipartite settlement, took place on Nov 2012; however the final agreement was signed in May 2015. According to which the revised salary of Bank PO will come into effect from 1st January 2016.
The revised basic pay of PO thus becomes –
23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020
Here Rs. 23700 is the revised basic pay of Bank PO as applicable on 1st January 2016. Thus the new entrant in a Bank as PO is liable to get Rs. 23,700 as basic pay.
Rs. 980 is the annual increment that a Bank PO will get and it will be applicable for a period of 7 years.
Allowances: These comprise of amounts given to cover additional expenses incurred. They are given as a percentage of basic salary. Most common types of allowances for Banks and other PSUs are listed below-
1. Dearness Allowance (DA): In Banks, DA is revised quarterly and is based on the CPI data as revealed by Government of India.
The last Revised DA for the quarter of November and December, 2015 and January, 2016 is 39.80% of the Basic Pay.
Since it depends on CPI, DA can go up with higher Inflation and vice versa.
2. Special Allowance: In the latest revision, a special allowance has been added to the salary structure of Bank PO.
And it is 7.75% of the Basic Pay.
3. House Rent Allowance: This varies according to Bank PO’s place of posting and can be 9.0% or 8.0% or 7.0% depending upon metros, big cities and other locations.
4. City Compensatory Allowance: This also depends on the place of posting and can be either 4% or 3 % or 0%.
Hence the total Salary (without HRA) of Bank PO becomes Rs. 35,700 – 36,570. While considering the HRA into account, it becomes Rs. 37,360 -38,700.
Perks:
1. Leased Accommodation: this facility is available to Bank PO in place of HRA. At some places, banks provide Official Bank Accommodation/Bank Quarter as leased accommodation. This amount is not available as cash component and will directly go to the house owner – you have got leased.
2. Traveling Allowance: Few banks provide fixed Traveling Allowance whereas others allow reimbursement of petrol bills i.e. officer must own scooter / car at the place of posting.
3. Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper.
4. Medical Aid: A fixed annual amount is paid by most of the banks (Revised amount is Rs8000/- p.a.)
5. Benefits under New Pension Scheme.
Career Path in Banking Sector:
Junior Management Grade – Scale I: Officer i.e. PO
Middle Management Grade – Scale II: Manager
Middle Management Grade – Scale III: Senior Manager
Senior Management Grade – Scale IV: Chief Manager
Senior Management Grade Scale V: Assistant General Manager
Top Management Grade Scale VI: Deputy General Manager
Top Management Grade Scale VII: General Manager
Executive Director (ED)
Chairman and Managing Director (CMD)
For More Details - Career as Bank PO (Probationary Officer)
In this article, we are trying to solve queries related with IBPS PO associate Bank
The latest revision of Bank PO’s salary as per 10th Bipartite settlement, took place on Nov 2012; however the final agreement was signed in May 2015. According to which the revised salary of Bank PO will come into effect from 1st January 2016.
The revised basic pay of PO thus becomes –
23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020
Here Rs. 23700 is the revised basic pay of Bank PO as applicable on 1st January 2016. Thus the new entrant in a Bank as PO is liable to get Rs. 23,700 as basic pay.
Rs. 980 is the annual increment that a Bank PO will get and it will be applicable for a period of 7 years.
Allowances: These comprise of amounts given to cover additional expenses incurred. They are given as a percentage of basic salary. Most common types of allowances for Banks and other PSUs are listed below-
1. Dearness Allowance (DA): In Banks, DA is revised quarterly and is based on the CPI data as revealed by Government of India.
The last Revised DA for the quarter of November and December, 2015 and January, 2016 is 39.80% of the Basic Pay.
Since it depends on CPI, DA can go up with higher Inflation and vice versa.
2. Special Allowance: In the latest revision, a special allowance has been added to the salary structure of Bank PO.
And it is 7.75% of the Basic Pay.
3. House Rent Allowance: This varies according to Bank PO’s place of posting and can be 9.0% or 8.0% or 7.0% depending upon metros, big cities and other locations.
4. City Compensatory Allowance: This also depends on the place of posting and can be either 4% or 3 % or 0%.
Hence the total Salary (without HRA) of Bank PO becomes Rs. 35,700 – 36,570. While considering the HRA into account, it becomes Rs. 37,360 -38,700.
Perks:
1. Leased Accommodation: this facility is available to Bank PO in place of HRA. At some places, banks provide Official Bank Accommodation/Bank Quarter as leased accommodation. This amount is not available as cash component and will directly go to the house owner – you have got leased.
2. Traveling Allowance: Few banks provide fixed Traveling Allowance whereas others allow reimbursement of petrol bills i.e. officer must own scooter / car at the place of posting.
3. Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper.
4. Medical Aid: A fixed annual amount is paid by most of the banks (Revised amount is Rs8000/- p.a.)
5. Benefits under New Pension Scheme.
Career Path in Banking Sector:
Junior Management Grade – Scale I: Officer i.e. PO
Middle Management Grade – Scale II: Manager
Middle Management Grade – Scale III: Senior Manager
Senior Management Grade – Scale IV: Chief Manager
Senior Management Grade Scale V: Assistant General Manager
Top Management Grade Scale VI: Deputy General Manager
Top Management Grade Scale VII: General Manager
Executive Director (ED)
Chairman and Managing Director (CMD)
For More Details - Career as Bank PO (Probationary Officer)
