Karnavati University Registration Live
|
The specifics of the IBPS PO Salary 2024 are mentioned below. Bank PO applicants are always interested about a Bank PO’s salary, allowances, career progression, bonuses, and promotion policy. Read on to learn more about an IBPS PO’s salary, job profile, career growth, and promotion policy. We’ll also discover what an IBPS PO’s income might be after two and seven years.
One of the really talked-about competitive tests among graduates is the IBPS PO. Together with IBPS PO preparation, aspirants want to know how much money they will make following the 7th pay commission. So, first and foremost, you must understand that the 7th pay commission does not affect bank employees’ salaries.
Salary adjustments for bank personnel are made based on a bipartite agreement. As a result, pay for IBPS PO 2024 will be determined using the 10th Bipartite Agreement. The new IBPS PO Salary goes into effect on January 1, 2016.
Table of Contents
Every year in August, the IBPS PO Notification is released. The applicants who are selected for the IBPS PO job will be assigned to the Junior Management Grade Scale 1 (JMGS-I). Officers who have recently been promoted from the Clerical Cadre to the Officer Cadre are referred to as JMGS 1 officers.
The IBPS PO Pay Scale will be Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020.
Type of Pay | Amount |
Basic Pay | Rs 23,700/- ( Increment in 4 stages-Salary after 1st Increment- Rs. 30560/-Salary after 2nd Increment-Rs. 32850/-Salary after 3rd Increment- Rs. 42020/- |
Dearness Allowances | 40% of the basic pay (Varies based on inflation rates) |
Special Allowances | Rs 18,36.75 |
House Rent Allowance | Rs 2133 |
City Compensatory Allowances | Rs 870 |
Medical Aid | Rs 8000 |
Gross with HRA | Rs 38,703.38 |
Newspaper | Rs 300 |
Entertainment | Rs 500 |
Telephone | Rs 400 |
Petrol | Rs 3000 |
Pension Contribution | Rs 25000 |
Gross Annual CTC (with HRA but without leased accommodation) | Rs 5,57,640 |
Canteen Subsidy | Rs 400 |
Increment Percentage | Basic Pay | Gross Salary |
15 % | Rs.26,706/- | Rs.37,068/- |
20 % | Rs.27,866/- | Rs.38678/- |
25 % | Rs.29,026/- | Rs.40,288/- |
30 % | Rs.30,187/- | Rs.41,899/- |
A basic wage of Rs 23,700 is paid, as previously stated. There are various allowances including Dearness Allowance (DA), House Rent Allowance (HRA), City Compensatory Allowance (CCA), and Special Allowances. For the next seven years, an annual increment of Rs 980 is paid.
Bank POs are eligible to enjoy a couple of allowances and perks including HRA, DA:
The New Pension Scheme also provides applicants with a lease, a travel stipend, newspaper reimbursement, medical care, and other advantages.
This service is available to POs in HRA situations. Most banks provide leased accommodation in the form of Official Bank Accommodation/Bank Quarter. This sum isn’t available in cash and must be paid directly to the property owner – you’ve leased.
Some banks pay a fixed Traveling Allowance, while others enable reimbursement of gas bills, implying that bank personnel must possess a scooter or car at their posting location.
10% of basic pay+DA is deducted
A fast and hard monthly payment is paid to the Probationary Officer towards the cost of one newspaper.
A hard and fast annual amount is paid by most of the banks (The revised amount is Rs 8000/- p.a.).
We have provided you with the data of the IBPS PO Salary Slip in this article. You can use this Payslip as a comparison to obtain an idea of the pay that is credited to an IBPS Probationary Officer’s account (PO).
In the banking world, IBPS Bank POs are known as Junior Management Grade Scale I (JMGS I) officers. The position provides an honest opportunity for advancement both in terms of position and income. The regular remuneration for IBPS PO candidates ranges from Rs 23700 to Rs 42020. The IBPS PO is classified as either a Middle Management Grade Scale-II or III (MMGS) or a Senior Management Grade Scale IV or V (SMGS) employee (SMGS).
In public sector banks, there is a well-defined career path based on applicant performance. In terms of promotion policy, the banks follow a set of consistent guidelines provided by the Ministry of Finance. The merit channel and the regular channel are the two most commonly used channels. The following is the progression of an IBPS PO’s career:
In public sector banks, the job of a Bank PO is to supervise all banking activity in his branch. A bank PO is also in charge of loan processing and overseeing all of the bank’s divisions, including Accounts, Finance, Loans, Marketing, and so on.
The banks that will be taking part in the IBPS PO 2024 are listed below. The list will be updated with the notification for 2024.
Banks Participating In IBPS PO 2024 |
---|
1.Bank of Baroda |
2.Bank of India |
3.Bank of Maharashtra |
4 Canara Bank |
5. Central Bank of India6. Indian Bank |
7. Indian Overseas Bank |
8. Punjab National Bank |
9. Punjab & Sind Bank |
10. UCO Bank |
11. Union Bank of India |
IBPS POs are eligible for a variety of benefits and allowances, including DA, HRA, medical coverage, newspaper allowance, and travel allowances, among others.
The basic pay of POs (Probationary Officers) in banks is Rs 23,700.
The IBPS PO selection process includes a Prelims Exam, a Mains Exam, and a Final Interview Round.
Various allowances are offered to the Prohibitory officer during their service time, including House Rent Allowance, Dearness Allowance, City Compensatory Allowance, and many more specific allowances.
Depending on the bank & the allowances, in hand salary of POs (Probationary Officer) in banks is Rs 38,000 – 42,000.
Depending on the bank & the allowances, the starting salary of POs (Probationary Officers) in banks is Rs 38,000 – 42,000.
The Dearness Allowance of IBPS PO is 39.8% of the basic pay.
You might like
There are no results matching your search.
ResetThere are no results matching your search.
ResetCopyright © 2024 Examgyani Technologies Private Limited. All rights reserved.