What is the IBPS PO Salary and Pay Structure for 2017-18, After Wage Revision? Let us find out!
What is IBPS PO Salary?
Check out the Revised IBPS PO Salary Package for the year 2017-18. If you want to make a career in the banking sector as a Probationary Officer, it’s better to know all about the IBPS PO Salary and Pay Structure. Read on to know the complete details on IBPS PO Salary Package 2017.
What Does IBPS PO Stand For?
Let us first understand the job role before we find out how much the IBPS PO earns.
Probationary Officer is a starting level post of any officer in a bank, where the first 1 to 2 years of probation period would be your training period. Selected candidates will get an impressive amount of Pay Scale plus Increment which will be offered by the government. You may get the complete details regarding IBPS PO Salary Increment here.
IBPS PO Salary Structure in Detail
IBPS PO salary may differ based on the bank policies of the IBPS PO Participating Banks.
IBPS PO Salary Package
IBPS PO Salary in Hand
Pay of the Bank PO includes basic Remuneration and other allowances given by banks. This again might depend on the bank you have chosen to join. However, some of the basic allowances are common among most government banks.
Read on to know about the basic allowances that are given to Probationary Officers/Management Trainees in Public Sector Banks:
1. Dearness Allowance (DA)
3. Special Allowance
Some special allowances are given to the Bank Probationary Officers like the 10th Bipartite Settlement.
City Compensatory Allowance (CCA) also depends on the place of posting and can be either 4% (maximum Rs.870/-) or 3% (Maximum Rs.600/-) or 0%.
5. Conveyance Allowance
It is paid for commuting between home and office and back.
IBPS PO Perks and Benefits
Apart from the monthly salary and basic remuneration and other allowances, Bank POs are also eligible for a few perks and benefits. Bank Probationary Officers are admissible for Accommodation Charges, Medical Benefits, Travelling Allowance, and other benefits, depending on the bank they are working with.
Here are the different types of perks and benefits that IBPS POs are eligible for:
1. Leased Accommodation
This service is available to Bank POs in-spite of HRA. It also depends on the place of posting. Some banks may offer official bank accommodation/bank quarters instead of leased housing.
2. Medical Benefits and Insurance
Employees are also given medical benefits. Apart from this, Bank POs are also admissible for life insurance. Revised price is Rs. 8000/- p.a.
3. Newspaper Reimbursement
A fixed monthly amount is paid towards the cost of the daily newspaper to all Bank POs.
4. Travelling Allowance
5. Other Perks
IBPS PO Salary After 10th Bipartite Settlement
Here is the increment in the pay scale of IBPS PO Salary after 10th Bipartite Settlement. As per the permission of Indian Bank’s Association (IBA), below mentioned hikes are given to the Bank POs.
IBPS PO Revised Pay Scale
- We are expecting a minimum of 20% increment to this basic pay
- If IBA agrees for 20% increment, Final Basic Pay will be Rs.27, 866
- And Total Gross Pay of a fresh Bank IBPS PO will be Rs.38,678
IBPS PO Salary after 7th Pay Commission
It is not necessary that after 7th Pay Commission, salaries of all the IBPS POs will be increased. Different banks have different rules for the increment of salaries of Bank POs.
IBPS PO Career Progression and Promotion Cycle
With this, we hope you are convinced to choose Banking as your career option. With IBPS PO notification not out yet, you have enough time to start your IBPS PO Preparation.