If you are preparing for IBPS PO 2017 examination, then I am sure you will be curious to know about the latest IBPS PO Salary structure in 2017. Apart from IBPS PO salary structure, you may also want to know about IBPS PO Job profile, promotion, etc.
After the 10th Bipartite settlement, there has been a significant increase in IBPS PO salary structure. Pay scale of IBPS PO varies with years of experience, scale, location, etc.
Let us go in detail and see what is the latest salary structure of IBPS PO in the year 2017.
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IBPS PO Salary Structure Break Up
IBPS PO is the starting position as an officer in any public-sector bank. The salary compensation of probationary officer is almost same any public-sector bank. It is interesting to know that IBPS PO salary structure has several components. All these salary components make up a lucrative salary structure of IBPS PO.
After the 10th Bipartite settlement, IBPS PO salary has revised and the latest pay scale of the probationary officer 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 PO.
|IBPS PO Salary Component||Monthly Salary||Yearly Salary|
|Total (without HRA)||37,107|
|Gross with HRA||39,240|
|Gross Annual CTC||564076|
IBPS PO Salary Main Components – Allowance and Perks
Above IBPS PO 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) – Revision of DA or dearness allowance takes place once in a quarter. Also, DA follows CPI (Consumer Price Index) data. The government of India releases CPI data. The latest revised DA since January 2016 is around 47.8% of the basic pay. DA can go up based on inflation rate since it depends on CPI.
- Special Allowance – Special allowance is calculated based on basic pay. Current special allowance per 10th Bipartite settlement is 7.75% of the IBPS PO basic pay.
- HRA (House Rent Allowance) – HRA can vary with the place of posting. It can be either 9% or 8% or 7% based on metro city or big city or other locations.
- CCA (City Compensatory Allowance) – CCA also depends on the place of posting, and it can be either of 4% or 3% or 0%.
- Leased Accommodation – This facility is applicable if you are not availing HRA benefit. It cannot club with HRA. Sometimes bank may provide you with official bank accommodation or bank quarters as leased accommodation. You will not get leasing amount rather the leasing amount will go directly to the home owner.
- Petrol or Travelling Allowance – Sometimes, the bank may give you fixed travelling or transport allowance. Whereas, in some cases, the bank will provide you petrol bill reimbursement of your car or motorcycle bill. The vehicle must be in your name.
- Newspaper Amount – Bank PO will enjoy one newspaper amount on a monthly basis.
- Medical Aid – Most of the banks pay a fixed medical amount as part of IBPS PO Salary component on an annual basis. The latest medical aid amount is Rs. 8000/- per annum.
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There are also other benefits like entertainment, canteen subsidy, telephone, etc. But all these benefits are dependent on a bank to bank and also on the place of posting. SBI or State Bank Of India is the number one bank when it comes to providing perks like leased accommodation, medical aid, etc.
IBPS PO Career Progression and Opportunities
There is set career progression for IBPS PO in each public-sector bank. Initially, you start as Scale-I officer and then with your potential and hard work, you get promoted to several higher positions.
Typically, an entry level probationary officer can become general manager in 14 years. But any IBPS PO career progression or promotion is not only dependent on a time frame. If you have talent and also you are hardworking, then you may get promoted sooner to higher scales.
If you move ahead of general manager, then you have positions like the executive director, chairman of the bank, etc. Some of these posts are sometimes decided by government and not by individual public sector bank.
These days, many public-sector banks have branches in foreign countries. So, you may get a chance to work abroad. In short, IBPS PO is lucrative career option which can not only provide you with attractive salary also buy a flourishing career option.
|Carrer Progression of IBPS PO||Monthly Basic Pay
(Without any allowance)
|Junior Management Grade – Scale I: Which is PO||Rs. 23700|
|Middle Management Grade – Scale II: Manager||Rs. 31705|
|Middle Management Grade – Scale III: Senior Manager||Rs. 42020|
|Senior Management Grade – Scale IV: Chief Manager||Rs. 50030|
|Senior Management Grade Scale V: Assistant General Manager||Rs. 59170|
|Top Management Grade Scale VI: Deputy General Manager||Rs. 68680|
|Top Management Grade Scale VII: General Manager||Rs. 76520|
|Executive Director (ED)||Approx 1.5 + lac|
|Chairperson and Managing Director (CMD)||Approx 2 + lac|
Above table gives you career progression of IBPS PO and also up gradation IBPS PO salary from PO level to CMD level. Above figures show only the basic pay. Rest allowances and perks are always calculated on the basic salary.
What is the effect of 10th Bipartite Settlement on IBPS PO Salary
Most of you may not know that 7th pay commission has nothing to do with wages of bank officials. There have been rumours about bank salary increase after 7th pay commission. But the reality is that IBA sets the wages.
IBA or “The India Banks Association” sets up the salary of bank officials such as IBPS PO Salary. The basis of the latest IBPS PO 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 PO salary may increase again shortly.
Now you must have gained fair enough idea about IBPS PO salary. I am sure you have become motivated with the lucrative career of IBPS PO. Please do let us know if you have any doubts regarding IBPS PO salary structure. Best of Luck!