IBPS Bank PO aspirants often ask questions about IBPS PO Salary. They also ask questions about career growth and promotion policy of a Probationary Officer working in a nationalized bank. In this article, we are going to learn about Salary, Job Profile, Career Growth and Promotion Policy of an IBPS PO. Here, we will also learn what might be the salary of an IBPS PO after 2 years and 7 years.
Many candidates also ask a specific question, “What will be the IBPS PO salary after 7th pay commission?”
Such candidates need to understand that the salary of bank employees is not revised by 7th pay commission. In the public sector, banks pay revision takes place on the basis of bipartite settlement. The settlement takes place between Indian Banks’ Association (IBA) and United Forum of Bank Unions (UFBU). IBA is representing bank managements while United UFBU is representing officers, employees, and staff organizations. You can learn more details about bipartite settlement from this article. Now we will discuss salary of an IBPS PO.
IBPS PO Salary:
Salary of a Probationary Officer in most of the public sector banks is almost the same; however, it varies from city to city.
The revised basic IBPS PO salary structure (as per 10th Bipartite settlement) is rupees
23700 - (980 x 7) - 30560 - (1145 x 2) - 32850 - (1310 x 7) – 42020. It means
Basic Salary of IBPS PO after 7 Years - Rs 30,560
Basic Salary of IBPS PO after 7 + 2 Years - Rs 32,850
Basic Salary of IBPS PO after 7 + 2 + 7 Years - Rs 42,020
This is basic pay of an IBPS PO. Besides the basic pay, an IBPS Bank PO is also entitled to receive following Allowances:
House Rent Allowance (HRA): It varies according to place of posting and can be 9.0% or 8.0% or 7.0% of the basic salary depending upon type of cities (i.e., metros, big cities or other locations).
Dearness Allowance (DA): Dearness Allowance (DA) is given to the employees as a percentage of the basic salary (In January 2016, it was around 39.8% of the basic salary). This is revised every three months based on the All India Consumer Price Index Data published by the Ministry of Statistics and Program Implementation, Government of India. The Bank unions are determined to make it a monthly revision in the impending wage settlement.
Special Allowance (SA): This allowance has been included in the last wage revision for the banks. It is about 7.75% of the basic pay. It came into effect from 01.01.2016.
City Compensatory allowance: Based on the type of city, it might be 0%, 3% or 4%.
Some other perks of an IBPS Probationary Officer are Traveling Allowance, Newspaper Reimbursement, Medical Aid, Benefits under New Pension Scheme etc. If we sum up then the salary may be 35,000+ rupees.
Promotion Policy of an IBPS PO
Most of the public sector banks follow uniform guidelines issued by the Ministry of Finance, Government of India, regarding promotion policy matters. The public sector banks follow two channels in case of promotion i.e. the merit channel and the normal channel. You can learn about the complete details from the link given below
Career Growth of an IBPS PO
The salary of Officer JMGS I (Junior Management Grade Scale I) or probationary officers in banks ranges from Rs. 23700 to Rs. 42020.
For other Scale officers:
MMGS II (Middle Management Grade Scale II): The salary ranges from 31705 to 45950.
MMGS II (Middle Management Grade Scale III): The salary ranges from 42020 to 51490.
SMGS IV (Senior Management Grade Scale IV): The salary ranges from 50030 to 59170.
SMGS V (Senior Management Grade Scale V): The salary ranges from 59170 to 66070.
The entry-level basic pay is higher in SBI as compared to other nationalized banks. The starting basic pay is Rs 27620 with four advance increments in the pay scale of 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020.
You can check complete details from the link given below: