Perks of being a IBPS PO – Salary , Emoluments , Allowances and Career Progression
Perks of being a IBPS PO – Salary , Emoluments , Allowances and Career Progression
Dear Banking Aspirant ,
We are three months away from the most awaited exam of the year IBPS PO 2017. Everyone aspires for a post in the vacancy and wish to be successful at the end of the exam. Hope you have started preparing for the exams.
Many of the aspirants aspire to become a banking official but they are not sure about the perks of that post. Even if they know that , they are not sure about the emoluments of the particular post in detail. So we thought of making a clarified post with considerable informations about the perks and emoluments.
Since many PSB’s are filling their vacancies through IBPS , we cannot determine the exact emoluments which a bank gives, but we can give a consolidated information regarding that in full detail.
IBPS PO salary is given based on the 10th Bipartite settlement which was signed on may 2015. From January 1, 2016 , the revised salary is provided to the PO achievers.The current 10th Bipartite settlement expires on October 2017 and we can expect the changes to happen in the current structure of the payments after October.
Emoluments Of IBPS PO:
|
Basic Pay |
Rs.23,700 |
|
|
Dearness Allowance (DA) |
39.80 % of Basic Pay |
Revised Quarterly based on GOI’s Consumer Price Index(CPI) data |
|
Special Allowance |
7.75 % of Basic Pay |
|
|
Housing Rent Allowance |
7% or 8% or 9% * |
Depends on the Bank’s place and the Posting area. |
|
City Compensatory allowance |
4% or 3% or 0% * |
Depends on the Posted area and the location of the Bank Branch |
|
Leased Accommodation |
** |
The amount cannot be encashed for money and the amount directly goes to the house owners. (or) Accommodation will be provided by the Bank itself |
|
Travel Allowance |
** |
If you own a vehicle (2 wheeler / 4 wheeler) , it will be greater. Otherwise it will be less and will amounts to Rs.500 or less. |
|
Newspaper Reimbursement |
** |
Varies and it is not constant for all |
|
Medical Aid |
Rs.8000.P.A |
* ———–> Varies based on the area of posting and it’s location
** ———–> Not constant for everyone and it varies for everyone based on location , etc.
The New Pension scheme is also applicable for the newly joining banking officials and 10% would be deducted from both the Basic Pay and Dearness Allowances(DA).
Apart from this , the annual increment which a Bank PO would get is Rs.980 and it is upto the seventh year.
Career Progression of IBPS PO :
The next progression after the general manager will be Executive Director and then Chairman and Managing Director , These posts will be determined by the Bank Board Bureau headed by Vinod Rai. The perks of being a PO is high and every aspirant aspires to become one due to this. Also don’t forget the level of competition , it is high and intense. A progression in the growth of your career depends on your performance in the work.
Note : The emoluments may vary according to the Scale and performance.
