The general consideration in the collective popular culture is that the private sector employees get paid much better than that of the public sector ones. The workload and uneven work hours in the private sectors at workplaces is taken as the reason for this huge drift in the salary structure. But this doesn’t hold true in the case of the bank PO salary structure of the leading private banks to that of the public bank of repute in India. There is a significant difference in the take home salaries as well as benefits acquired by the employee working as Probationary officers in public and private banks. The benefits, along with the salary for PO post, make the difference in the overall salary for most of the public sector banks. While SBI offers the highest pay package to its probationary officers, the other public sector banks also offer quite a handsome sum to the PO. The average public sector bank monthly and annual salary is way higher than that of a PO working in a leading private bank like ICICI.
Salary and Emoluments for SBI PO
The Probationary officer salary has got a swift hike after the 10th bipartite settlement, acknowledged by the banking sector. The resultant salary has been as high as whopping Rs. 8 lakh per year for SBI PO. Those of other public sector banks have joined their banks as PO with a salary ranging from 5 to 5.5 lakhs per year. Though the basic salary of the PO post might look very meager, the emoluments and benefits attached with it make it really attractive. The salary and cost to a company are considered taking into account all the benefits and perks given to the officers in a particular month by the bank. For any SBI PO who is posted in a metro city, the basic pay and dearness allowance adds up to Rs. 30462/-. The PF and pension scheme contributes another Rs. 4673/- per month. A perquisite like conveyance, entertainment, leave travel allowance, canteen, medical etc. adds up to another Rs. 4130/- per month. The candidates who are posted in the metro cities enjoy a housing lease rental of whopping Rs. 29500/- per month, taking the salary to nearly Rs. 69000/- per month. For other public sector banks, the monthly salary ranges somewhere between 40 to 43 thousand rupees per month.
Salary and Emoluments for ICICI PO
The ICICI is presently the highest ranked private bank in the country and many aspiring candidates want to make their career with it. They want to work in the bank in order to make their resume strong and learn the nuances of private sector banking from the best in the industry. The salary structure of the ICICI bank though is quite less to the public sector banks like SBI. The entry level clerks and Probationary officer salaries are literally half of what is offered to the candidates working in the same post in the public sector banks like SBI. Though, the higher authorities of private banks like ICICI and Axis get paid much higher than that of the public sector banks. The Probationary officer salary of an ICICI bank candidate at the time of joining is Rs. 34561/- per month, including all the benefits and pay perks. The annual salary accounts to little more than 4 lakh rupees, which is almost half of what SBI had offered for its PO post last year. The breakup of monthly a salary of ICICI PO post is given as below:
- Basic Pay: Rs. 11000/- pm.
- House Rent Allowance: Rs. 5000/-
- Conveyance Allowance: Rs. 2500/-
- Superannuation Allowance: Rs. 1650/-
- Leave Travel Allowance: Rs. 2000/-
- Additional HRA Allowance: Rs. 3125/-
- Canteen: Rs. 1300/-
- Medical: 1250/-
- PF & Gratuity: Rs. 2236/-
- Performance Pay: Rs. 45000/-
The salary structure is not always the in-hand salary taken away by the candidates, but is the overall cost to the company. The benefits and emoluments are a huge part of the salary of any employee and thus the public sector PO post draw considerably more salary from their private counterparts. Though, the private bank like ICICI pays heavily to its top brass, they tend to pay their officers like PO and clerks quite less amount.