IBPS PO Salary 2023: Graduates hurry to take advantage of this career opportunity every year because IBPS pays its Probationary Officers handsome salaries. The fact that banks are paying salaries following the 7th Pay Commission has many banking hopefuls perplexed. In contrast, the bank uses a bipartite settlement process when modifying IBPS PO salaries. In this post, we've covered the pay and everything else a bank candidate hopes for before starting as a probationary officer at one of the 11 IBPS-participating banks.
The 11th Bipartite Agreement, signed in November 2020, served as the foundation for determining the modified IBPS PO 2023 wage. The revised IBPS PO Salary is now in force as of November 2017, and the basic pay has been increased to Rs. 36,000. Continue reading to learn more about the updated IBPS PO Job Profile, Career Growth, Allowances, and Promotion Policy.
IBPS PO Salary 2023
The data presented below allows you to view the updated compensation structure by the 11th Bipartite Agreement, which was published in November 2020.
|IBPS Bank PO Salary Structure in India|
|Basic Pay||Rs. 36,000|
|Special Allowance||Rs. 5,904|
|Dearness Allowance||Rs. 8,593.20|
|Learning Allowance||Rs. 600|
|DA Others||Rs. 1,552.50|
|Housing Rent Allowance||Rs. 3,240|
|Gross Salary||Rs. 57,289.70|
|Deduction (Tax & NPS)||Rs. 4,659.32|
|Net Salary||Rs. 52,630.38|
IBPS PO In-hand Salary
An IBPS Probationary Officer will receive an initial in-hand salary package worth between Rs. 52,000 and Rs. 55,000, plus HRA, special allowances, dearness allowances, and other benefits. The IBPS PO Gross Salary is around Rs. 57,000, and the Net In Hand Salary is between Rs. 52,000 and 55,000 after deductions.
IBPS PO Salary in India after the Bipartite Settlement
Under the 11th bipartite settlement, wage adjustment for bank employees has been agreed to take effect in November 2017. The revised wage would last for five years, or until it was updated by IBPS, in 2022. The 11th bipartite settlement's acceptance has benefited around 8.8 lakh employees. A provision for timely pay increases for IBPS PO officers exists.
IBPS PO Salary Slip 2023
Here, we give you information on the IBPS PO Salary Slip. To get a sense of the salary that is credited to an IBPS Probationary Officer's account, you can refer to this Pay slip (PO).
IBPS PO Job Profile
Probationary Officer is the well-known and most coveted job title among graduates working in the banking industry. Many banking hopefuls are interested in learning the duties and obligations of the PO employee. The responsibilities and tasks a probationary officer must complete after being chosen are described in detail in this section.
1. The chosen applicants receive training in a variety of daily banking operations, including finance, accounting, billing, investments, revenue collection, etc., throughout their probationary period.
2. A probationary officer must respond to clients' inquiries.
3. A probationary officer is in charge of overseeing and maintaining the operations of their specific branch.
4. As a probationary officer, you must approach the branch about new business opportunities.
5. A probationary officer must oversee the daily transactional activities and loan-related activities.
6. A PO's responsibilities include keeping goodwill with customers and bringing concerns and complaints to the attention of bank management.
IBPS PO Salary- Allowances & Benefits
|IBPS PO Basic Pay||Rs 36,000/- ( Increment in 4 stages)|
|House Rent Allowances||7%-9% of the basic pay|
|Dearness Allowance||23.87% of the Basic Pay (Varies based on inflation rates)|
|City Compensatory Allowance (CCA)||3% or 4%(depending on the place of posting)|
|Special Allowance||7.75% of the basic pay|
House Rent Allowance (HRA) for IBPS PO: Depending on the city, it can be 9.0%, 8.0%, or 7.0% of the basic pay. It varies depending on the posting site (i.e., metros, big cities or other locations).
IBPS PO Dearness Allowance (DA): As a percentage of the basic salary (in January 2016, it was around 39.8% of the basic salary, but as of November 2017, it had decreased to 23.87%), Dearness Allowance (DA) is paid to employees. Based on the All India Consumer Price Index Data released by the Ministry of Statistics and Program Implementation, Government of India, this is updated every three months. The Bank unions are determined to make it a monthly revision in the upcoming wage settlement.
IBPS PO Special Benefit (SA): The banks' most recent pay modification included this allowance. 7.75% of the basic wage is the equivalent. It became active in November 2017.
IBPS PO City Compensatory Allowance (CCA): Depending on the city, it could be 0%, 3%, or 4%.
Other benefits for IBPS Probationary Officers include a learning allowance, travel expenses reimbursement, newspaper reimbursement, medical assistance, and benefits under the new pension plan, among others. The total remuneration might be more than Rs. 52,000.
Promotion Policy of an IBPS PO
The majority of public sector banks adhere to the uniform rules for promotion policy issues provided by the Ministry of Finance, Government of India. The public sector banks follow both the merit route and the conventional method for promotions. From the following link, you may get all the specifics:
Promotional Channels for PO in Public Sector Banks
Career Growth of an IBPS PO: Officers JMGS I (Junior Management Grade Scale I), often known as probationary officers, are paid between Rs. 52,000 and Rs. 55,000 per month.
For other Scale officers:
- MMGS II (Middle Management Grade Scale II)
- MMGS II (Middle Management Grade Scale III)
- SMGS IV (Senior Management Grade Scale IV)
- SMGS V (Senior Management Grade Scale V)
IBPS PO Career Growth
Probationary Officers are given very enticing professional progression prospects that offer numerous options even after the applicant accepts the position. The possibilities that come after holding the IBPS PO position are listed below based on their past performances, experiences, and knowledge. To get the promotion, the individual must show up in IBPS tests from time to time.
- Middle Manager – Middle Management Grade Scale 2
- Senior Manager – Middle Management Grade Scale 3
- Chief Manager – Senior Management Grade Scale 4
- Assistant General Manager – Senior Management Grade Scale 5
- Deputy General Manager – Top Management Grade Scale 6
- General Manager – Top Management Grade Scale 7
- Executive Director
- Chairman and Managing Director
IBPS PO Salary 2023: FAQs
Q1. What is the basic pay of IBPS PO?
A. The revised basic pay for Bank POs as of November 2017 is Rs. 36,000.
Q2. Is Dearness Allowance revised under the 11th Bipartite Agreement?
A. The dearness allowance has indeed been decreased to 23.87%.
Q3. What is the HRA provided to an IBPS PO?
A. It can range from 7% to 9% of the base pay, depending on the location of the posting.
Q4.What is the revised in-hand salary of IBPS PO?
A. The in-hand pay has been changed to between Rs. 52,000 and 55,000.