According to official data, an IBPS PO earns a decent salary and is eligible for a range of bonuses and incentives, which encourages people to seek for government jobs. The fact that banks pay according to the seventh pay commission perplexes many banking aspirants. The bank, on the other hand, employs a bipartite settlement when it comes to revising Salary. The IBPS PO Salary, Job Profile, Career Growth, and Promotion Policy are all mentioned in this report.

IBPS PO Salary2021

The Bipartite Agreement (11th), which was concluded in 2020 November, was used to determine the pay for the updated IBPS PO 2021. With the revised salary structure of IBPS PO salarytaking effect in November 2017, the basic salary has been raised toRs. 36,000.

The revised pay as per the Agreement, has been released in 2020 November, may be seen in the attached tabular data. Below is the detailed table –

           Salary Structure of IBPS Bank PO in India

Basic Pay Rs. 36,000
Special Allowance Rs. 5,904
DA Rs. 8,593.20
Learning Allowance Rs. 600
CCA Rs. 1,400
DA Others Rs. 1,552.50
HRA Rs. 3,240
Gross Salary  Rs. 57,289.70
Deduction Rs. 4,659.32
Net Salary      Rs. 52,630.38

 

Salary In-Hand

With dearness allowances, special allowances, HRA, and other incentives, and IBPS Probationary Officer’s first in-hand wage package range betweenRs. 52,000 and 53,000. The gross pay for an IBPS PO is about Rs. 57,000, with a net in-hand salary of approx.Rs. 52,000 after deductions.

After the Bipartite Settlement, the IBPS PO Salary in India has increased.The 11th settlement authorized a wage adjustment for bank workers that would take effect in November 2017. The new wage will be in effect for five years, or until IBPS revises it. The ratification of the bipartite settlement has benefited about 8.8 lakh workers. The IBPS PO officer’s remuneration is guaranteed to be increased on a regular basis.

Benefits and Allowances for IBPS POs in 2021

As previously said, the enticing factor is not only the pay but also the perks and allowances that an IBPS PO receives. An IBPS PO can take advantage of the following benefits:

  1. Traveling Allowance – The majority of banks provide a set Traveling Allowance as well as compensation for gas expenses.
  2. Leased Housing: Bank Officers are eligible for leased housing, which is based on the location of posting. Instead of rented housing, some banks provide official bank housing/quarters.
  3. Medical Aid: The fee has been revised to Rs 8000/- per annum. This is the sum set aside for the employee’s medical requirements.
  4. Newspaper Reimbursement: A monthly stipend for newspaper subscriptions.
  5. Protection under the New Pension Scheme

 

IBPS PO salary (Basic) 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 with inflation rates)
City Compensatory Allowance (CCA) 3% or 4%(depending on the place of posting)
Special Allowance 7.75% of the basic pay