7th pay commission For Bank SBI PO Salary,Bank Employee, Assistant Branch Manager, Bank Officer,Bank clerk, Bank Manager Pay scale
In last few years there have been many ups and downs in Indian financial market. A whole new bunch of schemes and financial subsidies have launched, bank rates, interest rates and other banking provisions have changed as well. Along with various rates and banking provisions also the pay scale of the bank employees have also been changed over the time. In latest news, in the year 2010, IBA had declared increase in bank employee pay scale and some other regulations. Till this year of 2016 the pay scale follows the 10th BPS rules till the time when IBA announced the 11th BPS guidelines where bank employees’ pay scale can be raised to up to more than 15% because the Pay scale is not at par as the demand for banking sector and public sector jobs in India.
Bank employee pay scale
Each bank employee has different pay scale according to their posts and designation. Obviously clerks get paid low whereas officers get a much higher pay. There are few differentiated pay scale for diverse posts.
- Basic pay: basic pay comprises of the net salary that each employee gets without any allowances. Allowances like provident fund, subsidy and such are linked with this basic pay. These allowances are either taken off or added to your basic pay.
- Allowance: this is the amount of money that is offered to cover the extra expenses that occur by the employee. Such as medical expenses, living expenses, house rent, mobile bill, conveyance charges, other costs living in an expensive city and such.
- Bank officer: BOs are the officer level employees (read: Grade D officers). The pay scale for bank officers is on average of INR 23,700 per month.
- Bank Clerks: Employees who are holding clerical posts are junior to Officers and get paid lower than them. Bank clerks are currently drawing average basic salary of INR 11, 765 per month.
- Assistant Branch Manager: Assistant branch managers are the senior to officer and clerks of course. ABMs are drawing average INR 27,000 each month.
- Bank Managers: Bank managers are the Grade B employees and of course senior than all teh above mentioned posts. The BMs are currently getting INR 45,000 per month.
- 10th BPS scale of pay
In India most of the people opt for bank or public sector jobs. But unfortunately the salary scale is not as much as the demand for banking sector jobs. As the bank jobs are secured and bring a lot of facilities people are keen to get into bank jobs.
In 10th BPS, there was a huge salary hike for the bank employees. In 2012 according to wage revision from grade 1 to grade 8+ employees will get high salary. Not only the staffs but also the sub staffs of the banking sector had also received a hike salary package. Along with hike in scale of pay there were also some of the facilities that given to the employees. Facilities such as alternative Saturday holidays, medical reimbursement and so on. Till now all these provisions are being enjoyed by the Indian bank employees.
According to the wage revision in 10th BPS, bank staffs who used to draw 7200/- will be paid off 11,765/- and sub-staffs who used to get 5850/- will get 9560/-. Employees under second stage who used to get 7600/- are now getting 12, 420/-. Similarly employees who were receiving 8000/- per month are now drawing 13075/- . Likewise other high grade officers such as grade A and B officers are also enjoying high salary of up to 42020/-.
Along with bank staffs there are a bunch of sub-staffs who are also getting highly paid. Sub staffs who used to draw 5850/- per month are now enjoying 9560/- per month. On the other the high ranked sub staffs are getting up to 23785/- per month according to their posts and designation.
- Wage revision (11th BPS)
After 2010 when the 9th BPS launched it took IBA two years to launch 10th BPS in 2012. Now after a lot of speculation, discussion and meetings IBA is planning to launch 11th BPS soon in next financial year. In this 11th BPS, the authority is expected to raise the salary of bank employees again.
Some of the people have raised the question regarding salary revision that if the previous salary revision was done in 2015 then why does another revision need in 2017? There are many speculation that the authority and banking union both were engaged to settle down the salary issue as the pay scale is still not at par. According to the bank union their salary needs to be revised in every 5 years. The 10th BPS was released in 2012 so they need another wage revision in 2017 that is after 5 years. IBA and 7th pay commission both have agreed to it.
Like the former BPS this new pay scale will be valid from the month November in the year 2017. Speculations are saying in the financial world that again that along with hike in the salary of bank employees Government will be able to raise the vacancies as well. In the last BPS the salary was hiked up to 15% for the bank officials but the new rate is still not announced.
Bank PO’s Salary Pay Scale
Banking jobs have almost always been a popular choice among graduates. They provide all the comforts that a graduate may require – attractive salaries, security for retirement, security for medical requirements and so on. Besides these benefits, when you’re a bank employee it also becomes a lot easier to enjoy any financial product soon after its release. Therefore, it’s no surprise that graduates often aspire to have a job in the banks.
One of the most attractive positions to enter the banking sector is that of Probationary Officer (also known as PO). The post offers all the benefits of a bank job, which are soon to be multiplied several folds after implementation of 7th Pay commission. Let’s take a detailed look at salary and other benefits that come with this job:
Salary And Allowance :
Currently the base salary paid to POs is Rs. 14,500. On top of this a Dearness Allowance (DA) of Rs. 12,781 is paid to them along with House Rent Allownce (HRA) of Rs. 1,087. This brings total salary to Rs. 28,368. However, after implementation of 7th CPC these figures will be raised to the following figures:
|Base Salary||Rs. 27, 865|
|Total Salary||Rs. 41,490|
Things to keep in mind:
- SBI pays its POs four extra increments in the initial stage. Therefore, starting salary of POs in SBI remains Rs. 6,000 higher than the salaries of other bank’s POs.
- Banks also allow you to take leased accommodation in place of HRA. Or you may be provided the option of official bank accommodation, which is staying in bank’s official quarters. These things vary among different banks, so you can come to know about them only after you join the bank. If you decide to opt for leased accommodation, there’re two important things you should know about it:
- Its amount varies among different banks and often depends on the city you’re posted in.
- You don’t receive it as a salary component – it goes straight to the owner of house you’re staying in. After all, you’ve been leased, haven’t you?
As we said above, besides salary banks also provide many other perks to POs. However, they vary from bank to bank. Some common ones include fixed medical allowance, superannuation pension, newspaper allowance, travel allowance etc. Among all public sector banks SBI provides highest number of perks and allowances. However, the workload of most SBI branches is also much more than many other banks so be careful while making your choice.
Post wise Pay scale of the bank employees – a quick guide
|Assistant Branch Manager;||2,38,423 – 6,25,725 per year|
|Bank officer||1,77,812 – 6,23,164 per year|
|Bank Clerk||1,18,663 – 3,23,034 per year|
|Bank Manager||3,29,734 – 1,071,284 per year|
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