If you are preparing for IBPS Clerk 2017 examination, then I am sure you will be curious to know about the latest IBPS Clerk Salary structure in 2017. Apart from IBPS Clerk salary structure, you may also be interested in knowing about IBPS Clerk Job profile, promotion, etc.
After the 10th Bipartite settlement, there has been a significant increase in IBPS Clerk salary structure. Pay scale of IBPS Clerk varies with years of experience, scale, location, etc.
As you might be aware that these days IBPS Clerk selection only consists of two phase of the exam as preliminary exam and main exam. There is no interview round for the selection of Clerks. Check below guide to know in and out about IBPS Clerk exam 2017.
Let us go in detail and see what is the latest salary structure of IBPS Clerk in the year 2017.
- 2017 IBPS Clerk Exam Syllabus Detailed Guide
- Step by Step Process to Apply 2017 IBPS Clerk Online Application Form
- 2017 IBPS Clerk Exam Date – Latest
IBPS Clerk Salary Structure Break Up
IBPS Clerk is the starting position as an officer in any public-sector bank. The salary compensation of Clerk is almost same in any public-sector bank. It is interesting to know that IBPS Clerk salary structure has several components. All these salary components make up a decent salary structure of IBPS Clerk.
After the 10th Bipartite settlement, IBPS Clerk salary has been revised and the latest pay scale of the Clerk is effective from 1st January 2016. Below table gives you the complete idea of monthly and yearly in hand and gross salary of any IBPS Clerk.
|Component And Facilities Provided||Places With Population Below 45 Lakhs||Places With Population Above 45 lakhs|
|Basic Pay||Rs. 11765/-||Rs. 11765/-|
|Special Allowance||Rs. 911.79/-||Rs. 911.79/-|
|DA (Dearness Allowances)||Rs. 5311.58/-||Rs. 5311.58/-|
|CCA||Rs. 0/-||Rs. 0/-|
|Transport Allowance (TA)||Rs. 425/-||Rs. 425/-|
|Total (without HRA)||Rs. 18413.37/-||Rs. 18413.37/-|
|HRA||Rs. 1176.5/-||Rs. 1058.85/-|
|Gross with HRA||Rs. 19589.87/-||Rs. 19472.22/-|
IBPS Clerk Salary Main Components – Allowance and Perks
Above IBPS Clerk salary table had several allowances and components such as DA, CCA, HRA, etc. Let us understand all these components one by one.
- DA (Dearness Allowance) – DA or dearness allowance is revised on a quarterly basis, and also it is based on CPI (Consumer Price Index) data which is released by Govt. Of India. The latest revised DA since January 2016 is around 39.4% of the basic pay. DA can go up or down based on inflation rate since it depends on CPI.
- HRA (House Rent Allowance) – HRA can vary with the place of posting. It can be either 8.5% or 7.5% or 6.5% based on metro city or big city or other locations.
- Transport Allowance (TA) – There will be a small component in the IBPS Clerk salary which is over and above basic pay as transport allowance.
- Medical Aid – Most of the banks pay a fixed medical amount as part of IBPS Clerk Salary component on an annual basis. The latest medical aid amount is Rs. 2000/- per annum.
- Special Allowance – Special allowance is calculated based on basic pay.
IBPS Clerk Job Profile
IBPS Clerk profile in any bank begins with the first point of contact to the customer. A customer can bring in a lot of enquiries and it is the duty of bank clerk to deal with it firsthand. Some of the common job duties of IBPS clerk are as follows:
- Commonly customers main objective of coming to a bank is to perform money transactions in the form of removal or deposit. Bank clerk duty is to carry out duties around cash transactions, drafts, dividend warrants, pay orders, etc.
- Bank clerks also issue cash receipt and ESI stamps.
- Bank clerks also take cheque book requests, etc.
Nowadays, most of the banks are computerized and now IBPS Clerk job profile revolves around working on a computer. Here they handle day to day transactions and other necessary information entry. Bank clerks also help in performing jobs related to bank administrative departments.
Bank clerks are also known as “Single Window Operators” as they deal directly with the customers as a single point of contact.
IBPS Clerk Career Progression and Opportunities
There is set career progression for IBPS Clerk in each public-sector bank. Initially, you start the job in any public-sector bank as the starting point of contact to all bank customers. Gradually with your potential and hard work, you get promoted to several higher positions.
IBPS Clerk starts their job on probation for six months period. Initial days of IBPS Clerk most consists of bank internal training. Within two years, every bank clerk gets an opportunity of appearing in the bank promotional examination. After clearing this exam, bank clerk gets promoted to officer rank with increased salary and job profile.
There are total seven scales or levels of promotion which is possible for any bank clerk to achieve. It is a matter of hard work and dedication. In short, IBPS Clerk is a good career option which can not only provide you with attractive salary also buy a flourishing career option.
|Levels of Clerk Promotion||Clerk Designation|
|1||Scale 1 – Officer / Assistant Manager|
|2||Scale 2 – Manager|
|3||Scale 3 – Senior Manager|
|4||Scale 4 – Chief Manager|
|5||Scale 5 – Asst. General Manager|
|6||Scale 6 – Deputy General Manager|
|7||Scale 7 – General Manager|
Above table gives you career progression of IBPS Clerk and also up gradation IBPS Clerk salary from Clerk level to general manager level.
11th Bipartite Settlement & 7th Pay Commission effect on IBPS Clerk Salary
Mostly from this year i.e. 2017, IBPS Clerk salary is going to increase to a good level because of 7th Pay Commission and 11th Bipartite settlement.
The basis of the latest IBPS Clerk salary is on IBA 10th Bipartite settlement.
10th Bipartite settlement took place sometime in November 2012. But the final agreement came into existence in May 2015, when the agreement was signed. It entered into force on 1st January 2016.
Recently, there have been talks between IBA and Bank’s Union for wage revision, and this discussion may lead to the 11th Bipartite settlement. So, it is likely that IBPS Clerk salary may increase again shortly.
Department of Financial Services issued a notification for next wage revision for all public-sector banks since the current salary of bank staff is not at par with government sector jobs. 11th BPS have to get settled and rolling by November 2017.
Now you must have gained fair enough idea about IBPS Clerk salary. I am sure you have become motivated with the lucrative career of IBPS Clerk. Please do let us know if you have any doubts regarding IBPS Clerk salary structure. Best of Luck!