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IBPS PO Salary 2024
The Institute of Banking Personnel Selection(IBPS) conducts the recruitment of probationary officers every year to recruit candidates from all over India for all public sector banks across the country. There must be a topic of discussion among candidates about the IBPS PO Salary 2024 and whether this job is suitable for them or not. The IBPS PO job is a very highly reputed job that offers a handsome amount of salary to their employees. The IBPS PO Salary 2024 structure is based on the 11th Bipartite Agreement which was finalized in November 2020. On Joining, An IBPS PO typically earns a base salary of about Rs. 36,000 and they can expect to receive an overall in-hand salary between Rs. 52,000 and Rs. 55,000.
IBPS PO Salary
The IBPS PO Salary 2024 comes with lots of allowances and perks which are very lucrative. The Probationary officer gets lots of bonuses according to their performances in the Bank and they also receive a Quick promotion and ample amount of opportunities. Besides this lucrative salary, Probationary officers will also get Dearness Allowance(DA), House Rent Allowance(HRA), City Compensatory Allowance (CCA), and Special Allowances are also there. In this article, we have discussed complete details regarding IBPS PO Salary 2024.
IBPS PO Salary Structure 2024
The IBPS PO Salary 2024 Structure is crucial for the candidates. The salary structure is based on basic pay, allowances, benefits, and deductions. IBPS PO Salary 2024 Structure is given below.
IBPS PO Salary Structure 2024 | |
Basic Pay | Rs. 36,000 |
Special Allowance | Rs. 5904 |
Dearness Allowance | Rs. 9424 |
Other DA | Rs. 1702.75 |
Learning Allowance | Rs. 600 |
House Rent Allowance | Rs. 3200 |
CCA/LOC A | Rs. 1400 |
Gross salary with HRA | Rs. 58,271.55 |
IBPS PO Salary 2024
The in-hand salary package in the initial period is around Rs. 52,000 to Rs. 55,000 given to an IBPS PO. Moreover, IBPS PO Salary 2024 will offer a huge range of special allowances, perks, and HRA for your convenience. The Gross IBPS PO Salary is estimated to be Rs. 57,000. After the deduction practice the candidate’s in-hand salary will be approximately Rs.52,000-Rs. 55,000.
IBPS PO In India Salary After Bipartite Settlement
As per the 11th bipartite settlement, wage revision for bank employees has been raised starting from 2017. The revised salary will be applicable for five years until 2023, or until further adjustments are made by IBPS. Approximately 8.8 lakh employees are set to benefit from this approved settlement. Moreover, the IBPS PO officers will receive timely increments in their pay as per the provisions.
IBPS PO Salary Slip
Here for the reference of candidates, we have added the IBPS PO Salary Slip. This payslip provides an overview of the salary structure and components. Please note that the actual payslip may vary depending on various factors such as allowances, deductions, and other applicable rules and regulations.
IBPS PO Perks & Allowances
The detailed allowances and benefits that are offered as a part of IBPS PO Salary 2024 are mentioned below.
- House Rent Allowance (HRA): The HRA for IBPS PO is calculated based on the place of posting and can range from 9.0%, 8.0%, or 7.0% of the basic salary, depending on whether the posting is in metros, big cities, or other locations.
- Dearness Allowance (DA): IBPS PO officers receive DA, which is a percentage of the basic salary. Currently, it is approximately 36.8% of the basic salary. The DA is revised every three months based on the All India Consumer Price Index data.
- Special Allowance (SA): This allowance was introduced on 01.01.2016 and is about 7.75% of the basic pay.
- City Compensatory Allowance: The City Compensatory Allowance varies based on the city type and can be 0%, 3%, or 4%.
In addition to these allowances, there are other perks and benefits for IBPS Probationary Officers, including Traveling Allowance, Newspaper Reimbursement, Medical Aid, and benefits under the New Pension Scheme.
IBPS PO Career Growth
IBPS PO provides excellent career opportunities for talented and ambitious individuals. The banks adhere to standardized guidelines set by the Ministry of Finance, Government of India, for promotion policies. Promotion in IBPS PO can be achieved through two channels: the merit channel and the normal channel. Here is the career growth of IBPS PO 2024.
1. Middle Manager – Middle Management Grade Scale 2
2. Senior Manager – Middle Management Grade Scale 3
3. Chief Manager – Senior Management Grade Scale 4
4. Assistant General Manager – Senior Management Grade Scale 5
5. Deputy General Manager – Top Management Grade Scale 6
6. General Manager – Top Management Grade Scale 7
7. Executive Director
8. Chairman and Managing Director
IBPS PO Promotional Channels
As the career of the probationary officer grows the scale and salary of the person increase. Here are the details on the Promotion of IBPS PO.
- MMGS II (Middle Management Grade Scale-II): The Basic salary ranges from 31705 to 45950.
- MMGS II (Middle Management Grade Scale III): The Basic salary usually ranges from 42020 to 51490.
- SMGS IV (Senior Management Grade Scale IV): The Basic salary usually ranges from 50030 to 59170.
- SMGS V (Senior Management Grade Scale V): The Basic salary usually ranges from 59170 to 66070.
IBPS PO Promotion Policy
When it comes to the Promotion Policy terms, a major number of public sector accesses the guidelines regulated by the Ministry of Finance. The public sector banking systems channel two promotion terms i.e. normal channel and merit channel. IBPS PO Salary 2024 structure has been also regulated through some terms that you can read in this article.
IBPS PO Syllabus 2024: Click Here to Check
IBPS PO Job Profile
IBPS PO is a highly regarded job in the banking sector and offers numerous attractive benefits to its employees. Here is the detailed job profile for IBPS PO.
- Assisting customers in resolving their queries at the branch level.
- Overseeing and managing day-to-day operations and activities of the branch.
- Handling public relations and addressing customer issues and concerns.
- Managing and processing customer transactions, including loan applications.
- Actively contributing to business development by attracting new customers and promoting bank services and products.
IBPS PO Posts-Participating Banks
Here we have listed out the leading banks participating in IBPS PO Posts:
- Canara Bank
- Allahabad Bank
- Syndicate Bank
- Indian Overseas Bank
- Andhra Bank
- Oriental Bank of Commerce
- Central Bank of India
- UCO Bank
- Corporation Bank
- Bank of Baroda
- Punjab National Bank
- Bank of India
- Union Bank of India
- United Bank of India
- Punjab and Sind Bank
- Bank of Maharashtra
Related Post | |
IBPS PO Syllabus 2024 | IBPS PO Previous Year Papers |
IBPS Calendar 2024 | IBPS PO Cut Off 2024 |