The Institute of Banking Personnel Selection (IBPS) conducts an exam to select Probationary Officers for several Indian Public Sector Banks. Because of the high-income package, excellent reputation, and job security offer that IBPS PO positions, many recent graduates consider it as an attractive opportunity. This post explores the specifics of IBPSPO pay scales, benefits, and career growth by providing a road map for aspiring bankers.
The IBPS PO Salary’s Allure:
An IBPS PO can expect a competitive starting salary. Although the monthly pay is INR 36,000, there some many other benefits and allowances increases in hand remuneration that range from INR 52,000 to INR 55,000 per month.
Breaking Down the Pay Scale for IBPS POs:
The breakdown of the IBPS PO wage structure is as under:
Component | Description | Amount |
Basic Pay | The fixed monthly salary is as per the pay scale. | Rs 23,000/-
|
Dearness Allowance (DA) | An allowance that adjusts for inflation & rising cost of living. It is a percentage of the basic pay and is revised periodically. | 40% of the basic pay |
House Rent Allowance (HRA) | An allowance to assist with living costs. The amount is different for each city of posting. For large cities, it is a fixed percentage of basic pay; for smaller towns percentage gets reduced. | 3% to 4% (depending on the place of posting) |
Compensation for City (CCA) | A stipend to offset the greater living expenses in some cities. The location determines the amount that may be fixed or a portion of base pay. | 7% to 9% of the basic place |
Special Allowances | A variety of special allowances, including those for cash handling, leasing, and education provided by banks. | 7.75% of the basic pay. |
Additional Benefits and Perks:
Apart from base pay, the IBPS PO includes additional benefits and perks as follows:
- Medical Insurance: Banks offer full coverage medical insurance to their staff members and their dependents.
- Leave Policy: Employees are granted various types of leaves like casual leaves, sick leaves, and other leaves.
- Pension Plan: After retirement, public banks also offer pension plans to their employees for their employment stability.
- Loan Facilities: Banks provide discounted interest rates on loans to their staff members for various purposes like housing and vehicle purchases.
- Contributory Provident Fund (CPF): A social security program in which an employee deposits a part of their pay together with a bank match.
- Learning and Development: Banks provide training to assist employees in improving their abilities.
Tailored Allowances for Every Post
Basic allowances like DA and HRA are the same for all IBPS Pos, but certain allowances can vary as per the job role. For example, Branch Managers are entitled to an additional cash handling allowance as a result of their role in controlling cash flow.
The Promotion Hierarchy
In the banking industry, career growth is well-defined. IBPS POs after their probation period become Assistant Managers. Promotions that come with good performance and experience follow this hierarchy structure:
- Assistant Manager (3 to 4 years)
- Manager in charge (4 to 6 years)
- Supervisor (7 to 9 years)
- Senior Manager (9 to 12 years)
- Head of Department (12 to 15 years)
- Assistant General Manager (15 to 18 years)
- Deputy Manager of Operations (18 to 20 years)
- Manager of the General Department (20+ years)
The higher the designation, the higher will be the in-hand pay.
IBPS PO Salary is affected by the following factors:
- Location: As per the location of the job posting the salary of the IBPS PO can differ. For example, the in-hand pay is higher in metro cities as compared to small towns.
- Performance: Bonuses and incentives are usually used by banks to acknowledge & promote exceptional work.
- Experience: As you move up the ranks, promotion will increase your pay.