In most of the public sector banks, IBPS PO salary is more or less the same. The latest revision of IBPS PO 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 IBPS PO salary will come into effect from 1st January 2016.
The revised basic IBPS PO salary structure thus becomes –
23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020
Here, Rs. 23, 700 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 an IBPS PO will get and it will be applicable for a period of 7 years.
Besides the basic pay, PO in Bank is entitled to receive following Allowances:
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: According to IBPS PO’s Latest Revision, a special allowance has been added to the salary structure of Bank Probationary Officer.
And it is 7.75% of the Basic Pay.
3. House Rent Allowance: This varies according to Bank Probationary Officer’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 Probationary Officer becomes Rs. 35,700 – 36,570. While considering the HRA into account, it becomes Rs. 37,360 -38,700.
Added Perks for a IBPS Probationary Officer:
1. Leased Accommodation: this facility is available to 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. Bank 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 to the Probationary Officer.
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.
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