What is the salary and allowances of Bank PO?
The 10 bipartite wage settlement for bank employees was signed by UFBU and IBA in May 2015. The scale pay of officers has been revised from Rs 14,500–52,000 to Rs 23,700–85,000. Officers will get a special allowance ranging from 7.75-11 per cent of basic pay, along with applicable dearness allowance.
The Bank Probationary Officer (PO) post is a lucrative one in the hierarchy of bank jobs and thus many aspiring candidates who are looking to join the banking sector eye for this post. Most of the starting salaries of public sector banks and that of some private sector banks for Probationary Officer post are almost same. Recently there has been a hike in the salary of the bank PO as well as other staff members in banks which have become active from the month of May this year. The new recruits in the post are being paid according to the new salary structure. Most of the banks have same starting salary structure for the probationary officers, but banks like SBI, ICICI and other reputed private sector banks allow more salary to its probationary officer.
10th Bipartite Settlement:
The 10th bipartite wage settlement for bank employees was signed by United Forum of Bank Unions (UFBU) and Indian Banks Association (IBA) in May 2015. It gives 15% hike in salaries of bank employees. The settlement covers 25 public sector banks, 11 private banks and seven foreign banks. The wage revision is with effect from November 1, 2012 and is valid for five years.
- The scale pay of officers has been revised from Rs 14,500–52,000 to Rs 23,700–85,000. Officers will get a special allowance ranging from 7.75-11 per cent of basic pay, along with applicable dearness allowance.
- Substaff Pay Scales enhanced to Rs. 9560 - Rs. 23,785
- Clerical Pay Scales enhanced to Rs. 11,765 - Rs. 42,020
- Starting salary of a Graduate Clerk in Metro centre is Rs. 20,570
- Starting salary of a Substaff in Metro centre is Rs. 15,150
- The scale pay of workmen (non-subordinate) has been revised from Rs 7,200–19,300 to Rs 11,765–31,540. That of subordinate staff has been revised from Rs 5,850–11,350 to Rs 9,560–18,545. The special allowance for workmen will be 7.75 per cent of basic pay, plus dearness allowance.
- An important feature of the settlement is a medical insurance scheme being introduced for families of employees.
Earlier, all banks were having reimbursement of hospitalisation and medical expenses on individual bank basis. There will be cashless facility available as agreement giving employees 100% reimbursement for self and dependents.
Other Pay Perks in the Bank PO salary:
Along with the Basic pay the Probationary Officers in banking sector are eligible of getting these benefits:
- Dearness Allowance (DA): Revised quarterly in the banking sector the DA has also been revised for the Probationary Officers and has been set to 33.70% of the basic pay. DA can also rise according to the inflation and could also come down if the inflation rate is in negative.
- House Rent Allowance (HRA): House Rent Allowance depends on the place the candidates are posted and are presently living in during their service. It can vary from 7 to 9% depending upon the place of posting.