Reserve Bank of India, the central banking authority of the country, comes out with advertisement to recruit young graduates as assistants across its various offices around the country. Like any other scheduled commercial bank, the wage settlement of the RBI employees takes place based on the bi-partitite settlement between the management and the employees’ unions i.e. Indian Banks’ Association (IBA).
RBI Assistants: The Present Scenario
As of now, the RBI assistants draw a basic salary of Rs 8860/- per month (Rs 8040/- along with two increments for graduates only) and with that, they are entitled to allowances such as dearness allowance (DA), house rent allowance (HRA), city compensatory allowance, transport allowance (TA) etc. All of these make the initial gross emolument of an RBI assistant as Rs 24429/-. Apart from the salary component, RBI Assistants are also entitled to various perks such as bank’s accommodation subject to availability, leave travel concession, medical facilities, brief case grant, book grant, allowance for furnishing the residence etc.
On top of everything, RBI means you will always get postings in your metro cities or state capitals and as an assistant; you will never be transferred from your home state to anywhere else. A five day week and no work pressure definitely add to the glamour of a career in the central bank of a country.
10th Bipartitite Wage Settlement: What is that?
While on a job, everybody wants the salary to be increased in a regular interval as this acts as the motivation to work in a more efficient and committed manner towards the employer. Along with that, the employer has to think about the issue of inflation with the passage of time as well in order to offer adequate increment to his employees to live a decent life.
In the government or public sector, it takes place in different intervals. For central government employees, the pay revision takes place every 10 years as per the recommendation of the pay commission set up by the government to advise it regarding pay revision. State governments follow the same procedure. For banks, insurance companies or public sector undertakings, pay revision mostly takes place every five years in the form of a wage settlement between the management and the employees’ union. For RBI also, the same thing happens and this is exactly what is going on now. As it is the 10th time it is taking place, it is the 10th Bipartitite wage settlement that is due from November 2012 i.e. the RBI employees will get arrears from that date once the wage settlement is finalized.
RBI Assistants: The Future
It is difficult to predict any definite sum regarding the increase in salary of an RBI assistant after the 11th Bipartite wage settlement that will take place in November 2017. But going by the trend, it can be assumed safely that RBI employees get a slightly more increment in their salary compared to their counterparts in any other public sector bank.
RBI Assistant is a job for both people who want a decent life within the comfortable boundary of home as well as ambitious ones who want to make it count in life. Considering the job prospect as well as job profile, the increase as predicted will be justified as well. But it is not only about salary that attracts candidates to RBI, but the glamour, city postings, absence of any stress do. RBI is likely to come up with the advertisement to recruit assistants this year as well very soon and the wage settlement issue will be resolved as well by then. So, grab the opportunity to make it to the harrowed buildings of the apex bank as an employee with both hands.
All the best!!