IBPS PO Salary 2021: IBPS pays a competitive wage to its Probationary Officers, which is one of the primary reasons why every year, graduates compete for this position. Many banking hopefuls are perplexed by the fact that banks pay according to the 7th pay commission.
However, when it comes to amending the IBPS PO Salary, the bank uses a bipartite settlement. We addressed the remuneration and everything a bank applicant looks forward to before entering as a Probationary Officer in one of the 11 IBPS participating institutions in this post.
The pay for the revised IBPS PO 2021 has been set on the basis of the 11th Bipartite Agreement, which was signed in November 2020. The base salary has been increased to Rs. 36,000, with the new IBPS PO Salary taking effect in November 2017. Continue reading to learn more about the new IBPS PO Salary Structure, Career Growth, Allowances, Job Profile, and Promotion Policy.
IBPS PO Salary Structure 2021
From the accompanying tabular data, you can see the updated wage structure as per the 11th Bipartite Agreement, which was announced in November 2020.
| IBPS Bank PO Salary Structure in India | |
| Basic Pay | Rs. 36,000 |
| Special Allowance | Rs. 5,904 |
| DA | Rs. 8,593.20 |
| CCA | Rs. 1,400 |
| Learning Allowance | Rs. 600 |
| 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 |
IBPS PO In-hand Salary
An IBPS Probationary Officer’s first in-hand wage package ranges from Rs. 52,000 to 53,000, including dearness allowances, special allowances, HRA, and other benefits. The IBPS PO gross pay is about Rs. 57,000, with a net inhand salary of around Rs. 52,000 after deductions.
IBPS PO Salary after the Bipartite Settlement in India
The 11th bipartite settlement has agreed a wage adjustment for bank workers that will take effect in November 2017. The revised wage would last for five years, or until IBPS amended it again in 2022. The ratification of the 11th bipartite settlement has benefited about 8.8 lakh employees. The salary of IBPS PO officers will be increased on a regular basis.
IBPS PO Perks & Allowances
| IBPS PO Allowances | |
| IBPS PO Basic Pay | 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 based on inflation rates) |
| City Compensatory Allowance (CCA) | 3% or 4%(depending on the place of posting) |
| Special Allowance | 7.75% of the basic pay |
IBPS PO House Rent Allowance (HRA): It varies by posting area and can be as high as 9.0 percent, 8.0 percent, or 7.0 percent of the base pay, depending on the kind of city (i.e., metros, big cities or other locations).
IBPS PO Dearness Allowance (DA): Employees receive Dearness Allowance (DA) as a proportion of their basic wage (In January 2016, it was around 39.8 percent of the basic salary, which has been reduced to 23.87 percent as on November 2017) The All India Consumer Price Index Data released by the Ministry of Statistics and Program Implementation, Government of India, is reviewed every three months. The bank unions are adamant that the forthcoming salary accord include a monthly adjustment.
IBPS PO Special Allowance (SA): This provision was included in the banks’ most recent salary adjustment. It amounts to roughly 7.75 percent of base salary. It becomes effective in November 2017.
IBPS PO City Compensatory Allowance (CCA): It may be 0 percent, 3 percent, or 4 percent, depending on the city.
Learning Allowance, Traveling Allowance, Newspaper Reimbursement, Medical Aid, and Benefits under the New Pension Scheme are some of the additional benefits of an IBPS Probationary Officer. If we add everything together, the pay may be around Rs. 52,000.
Promotion Policy of an IBPS PO
In terms of promotion strategy, the majority of public sector banks adhere to consistent rules set by the Ministry of Finance, Government of India. When it comes to promotions in public sector banks, there are two options: merit-based and non-merit-based. The following link will provide you with all of the necessary information:
Promotional Channels for PO in Public Sector Banks
IBPS PO Career Development Officer JMGS I (Junior Management Grade Scale I) or probationary officers in banks are paid between Rs. 52,000 and Rs. 53,000 per month.
Other Scale officers should contact:
- MMGS II (Middle Management Grade Scale II)
- MMGS II (Middle Management Grade Scale III)
- SMGS IV (Senior Management Grade Scale IV)
- SMGS V (Senior Management Grade Scale V)
IBPS PO Job Profile
Probationary Officer in the banking sector is a well-known and sought-after position among graduates. Many banking hopefuls are interested in learning about the tasks and responsibilities of a PO employee. The work description, duties, and tasks that a Probationary Officer must manage after being selected are outlined in this section.
- The selected candidates are trained for different day-to-day banking activities such as finance, accounting, billing, investment, revenue collection, and so on throughout their probation term.
- Customers’ questions must be answered by a Probationary Officer.
- A Probationary Officer is in charge of maintaining and supervising the operations of their assigned branch.
- The task of introducing new business prospects to the branch as a Probationary Officer.
- A Probationary Officer is responsible for overseeing daily transaction and loan-related operations.
- A PO’s job is to maintain good client relations and report concerns and complaints to the bank’s management.
IBPS PO Salary Slip 2021
We have provided you with the data of IBPS PO Salary Slip in this article. You may use this Pay Slip as a reference to obtain an idea of the pay that is credited to an IBPS Probationary Officer’s account (PO).
IBPS PO Career Growth
The Probationary Officer’s career progression is highly appealing, with several chances available even after the aspirant has been hired. The alternatives that follow after possessing the job of IBPS PO are listed below based on their performances, experiences, and expertise. To be considered for promotion, the applicant must sit in IBPS examinations on a regular basis.
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 Salary 2021- FAQs
Q1. What is the IBPS PO base pay?
The new base salary for Bank POs, effective November 2017, is Rs. 36,000.
Q2. Is the Dearness Allowance under the 11th Bipartite Agreement being revised?
Yes, the dearness allowance has been decreased to 23.87 percent of the gross income.
Q3. What is the HRA that an IBPS PO receives?
It varies depending on the location of employment and might range from 7% to 9% of the base wage.
Q4.What is the updated IBPS PO in-hand salary?
In-hand pay has been increased from Rs. 52,000 to Rs. 53,000.
