IBPS PO : Salary, Job Profile and Promotion
Dear Readers,
As you all know that, IBPS will be conducting IBPS PO 2017 Exam in the month of Oct-Nov, 2017. Many of you will be curious to know about the Salary, Job Profile and Promotion of IBPS PO.
So here is the complete guide of IBPS PO.
Salary of IBPS PO:
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 10thBipartite 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 a Bank PO will get and it will be applicable for a period of 7 years.
Besides the basic pay, a Bank PO 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 PO.
And it is 7.75% of the Basic Pay.
3. House Rent Allowance: This varies according to Bank PO’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 Bank PO becomes Rs. 35,700 – 36,570. While considering the HRA into account, it becomes Rs. 37,360 -38,700.
Added Perks for a Bank PO:
1. Leased Accommodation: this facility is available to Bank 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 Bank PO.
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.
IBPS PO Promotions:
There is a well-defined career progression path in each public sector bank. Performance and potential are key elements which determine the career progression. Most senior officials in public sector banks started their career as scale-I officer only.
In tune with the time banks have reviewed their promotion policy and now for bright, hardworking and knowledgeable employees it takes less time to move to higher scales.
In many banks a person who joined as an IBPS PO may reach to the position of General Manager in 14 years. After that one can aspire for the position of executive director or chairman of a bank. These are very high positions, nomination to which is decided by the Government and not by the individual banks.
Many public sector banks have a network of foreign branches. Thus, joining a public sector bank gives you the opportunity of working abroad also. Transferability in a bank job provides you the chance of seeing different parts of the country. Hence, IBPS PO Promotion is very lucrative.
Know more about IBPS PO Promotion & Career Progression:
Junior Management Grade – Scale I: Officer i.e. PO
Middle Management Grade – Scale II: Manager
Middle Management Grade – Scale III: Senior Manager
Senior Management Grade – Scale IV: Chief Manager
Senior Management Grade Scale V: Assistant General Manager
Top Management Grade Scale VI: Deputy General Manager
Top Management Grade Scale VII: General Manager
Executive Director (ED)
Chairman and Managing Director (CMD
Dear Readers,
As you all know that, IBPS will be conducting IBPS PO 2017 Exam in the month of Oct-Nov, 2017. Many of you will be curious to know about the Salary, Job Profile and Promotion of IBPS PO.
So here is the complete guide of IBPS PO.
Salary of IBPS PO:
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 10thBipartite 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 a Bank PO will get and it will be applicable for a period of 7 years.
Besides the basic pay, a Bank PO 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 PO.
And it is 7.75% of the Basic Pay.
3. House Rent Allowance: This varies according to Bank PO’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 Bank PO becomes Rs. 35,700 – 36,570. While considering the HRA into account, it becomes Rs. 37,360 -38,700.
Added Perks for a Bank PO:
1. Leased Accommodation: this facility is available to Bank 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 Bank PO.
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.
IBPS PO Promotions:
There is a well-defined career progression path in each public sector bank. Performance and potential are key elements which determine the career progression. Most senior officials in public sector banks started their career as scale-I officer only.
In tune with the time banks have reviewed their promotion policy and now for bright, hardworking and knowledgeable employees it takes less time to move to higher scales.
In many banks a person who joined as an IBPS PO may reach to the position of General Manager in 14 years. After that one can aspire for the position of executive director or chairman of a bank. These are very high positions, nomination to which is decided by the Government and not by the individual banks.
Many public sector banks have a network of foreign branches. Thus, joining a public sector bank gives you the opportunity of working abroad also. Transferability in a bank job provides you the chance of seeing different parts of the country. Hence, IBPS PO Promotion is very lucrative.
Know more about IBPS PO Promotion & Career Progression:
Junior Management Grade – Scale I: Officer i.e. PO
Middle Management Grade – Scale II: Manager
Middle Management Grade – Scale III: Senior Manager
Senior Management Grade – Scale IV: Chief Manager
Senior Management Grade Scale V: Assistant General Manager
Top Management Grade Scale VI: Deputy General Manager
Top Management Grade Scale VII: General Manager
Executive Director (ED)
Chairman and Managing Director (CMD
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