IBPS One of the best reasons to work as a probationary officer is the high salary. After the 11th bipartite settlement, bankers are now earning around 35,000 per month as base pay.
But they enjoy benefits and perks as well. If you’re more curious to know about them, then this article is for you. Along with the salary of IBPS PO, you’ll also learn about the benefits and perks.
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Salary of an IBPS PO
Before the benefits and the perks, here’s a look at the salary package. After the 11th Bipartite Settlement, a probationary officer’s basic pay package is 23,700 per month, a 15% hike from the previous salary.
You’ll then receive increments in three stages, all the way up to 42,020 after the third increment. The first increments happen after seven years of service, the second after two more years, and the third after seven more years. So that’s fifteen years of service.
Besides the salary, you’re also going to receive allowances and benefits, which are explained in the next section.
Benefits and Perks
All the probationary banking officers in India are entitled to receive a certain amount every month as allowances. These benefits are offered either by the government or the bank. By combining all of these allowances, you get the gross salary. The benefits all POs receive are:
DA or Dearness Allowance is a certain percentage of your basic salary paid to you every month. The purpose is to set off inflation that impacts the price of everyday goods. It is different for employees of the central government and employees of the central public sector. The percentage depends on the All India Consumer Price Index Data. There are furthermore different types of DAs, such as Industrial Dearness Allowance and Variable Dearness Allowance.
City Compensatory Allowance
CCA is a percentage of employees’ salary that the bank offers to sustain themselves in places with a higher living cost.
So if you’re working in X cities or metros, you’ll likely receive a higher percentage, somewhere around 4-5%, of your salary. If you’re working in Y cities, you’ll receive a lower amount. And you may not receive any CCA benefits if you’re stationed in Z cities or villages.
Special allowances are another major benefit offered to IBPS probationary officers. It is mostly about 7.75% of your base salary. The amount is offered as a form of appreciation for your work and dedication to the bank.
House Rent Allowance
All the POs are eligible to receive HRA or House Rent Allowance as part of their salary. This depends on the city you’re supposed to work in and varies between 7% and 9% of the basic salary. If you live in X cities, then the percentage will be higher than if you’re working in Z cities.
Besides the above, you may also receive the following benefits and perks depending on the bank:
- Travel allowances
- Leased accommodation
- Medical reimbursement
- Pension coverage
You would know about all the allowances and benefits you’re receiving from the bank. They keep on varying from month to month.
With that said, banks are very generous in offering benefits and perks to their employees. Not only is the salary of an IBPS PO high, but so are the benefits.