IBPS PO Salary: Bank PO candidates are always curious to know the salary of Bank PO, its allowances, career growth, perks and promotion policy. Read further to know 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. IBPS PO is one of the most talked about competitive exams amongst the graduates. Along with IBPS PO Preparation, candidates are curious to know the salary and the increment in salary after 7th pay commission. So, first of all, you need to understand that the salary of bank employees is not revised by 7th pay commission.
Bank employees salaries revision takes place on the basis of bipartite settlement. So, for IBPS PO 2020, salary will be decided on the basis of 10th Bipartite Agreement. The revised IBPS PO Salary is effective from 1st January 2016.
There are different components in the salary structure, lets discuss each component one by one:
IBPS PO Basic Pay: The revised basic IBPS PO salary 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. (as per 10th Bipartite settlement)
|Total (without HRA)||36,570.38|
|Gross with HRA||38,703.38|
Wage revision for bank employees is due from November 2017 under the 11th bipartite settlement, which would span five years till 2022. Nearly 8.8 lakh employees would benefit if the 11th bipartite settlement is agreed and accepted. There is a provision of timely increment of the pay of the IBPS PO officer as given below:
|Increment Percentage||Basic Pay||Gross Salary|
|IBPS PO Basic Pay||Rs 23700/- ( Increment in 4 stages-
Salary after 1st Increment- Rs. 30560/-
Salary after 2nd Increment-Rs. 32850/-
Salary after 3rd Increment- Rs. 42020/-
|House Rent Allowances||7%-9% of the basic pay|
|Dearness Allowance||39.8% of the Basic Pay (Varies based on inflation rates)|
|City Compensatory Allowance (CCA)||3% or 4%(depending on the place of posting)|
|Special Allowance||7.75% of the basic pay|
IBPS PO 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).
IBPS PO 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.
IBPS PO 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.
IBPS PO City Compensatory Allowance (CCA): 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.
Here, we are providing you with the details of IBPS PO Salary Slip . You can go through this Pay slip for your reference to get an idea about the salary which is credited in the account of an IBPS Probationary Officer (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.
The career growth options that follow after owning the post of IBPS PO is given below:
1. Middle Manager – Middle Management Grade Scale 2
2. Senior Manager – Middle Management Grade Scale 3
3. Chief Manager – Senior Management Grade Scale 4
4. Assistant General Manager – Senior Management Grade Scale 5
5. Deputy General Manager – Top Management Grade Scale 6
6. General Manager – Top Management Grade Scale 7
7. Executive Director
8. Chairman and Managing Director
Q1. What is the basic pay of IBPS PO?
Rs. 23, 700 is the revised basic pay of Bank PO as applicable on 1st January 2016.
Q2. Which Bank PO has the highest salary?
SBI offers the highest salary 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 higher than that of a PO working in a leading private bank.
Q3. What is the HRA provided to a IBPS PO?
It varies according to place of posting and can be 7% to 9% of the basic salary.
Q4. Is the IBPS PO salary more than the salary for an Officer in RBI?
No, The IBPS PO salary is slightly less than the salary paid to a Grade B Officer in RBI. The overall perks and allowances are also almost the same for IBPS and RBI.