New Bank Probationary officer Salary After 10th Bipartite Wage Settlement 2015

New Bank Probationary officer Salary

Unions in banking sectors and Indian Bank's Association (IBA) agreed on increasing pay slip salary component by 15 Percent. 

As wage revision,10th Bipartite settled at 15 % hike. So, the following would be the News pay structure of newly joined Probationary Officer (PO) Salary and the officer who are in the first year of Probation period. 

We have considered on the basis of a formula which is used in wage settlement process.

Components
Now (Per Month)
Revised (Per Month)
Basic Pay
Rs 14500
Rs 26705 (Merged 60.15 % of DA in to current Basic Pay)
House Rent Allowance
Rs 942.5 (6.5% Of Basic Pay)
Rs 1996.2 (7.475 % of Basic Pay)
Dearness Allowance
Rs 15921 (109.8% of Basic Pay)
Rs 8839.36 (33.1% of Basic Pay)
Total
Rs 31364
Rs 37541
NPS Contribution 
-3042.1
-3554.44
Cash In Hand
Rs 28321 app
Rs 33986 app

The revised basic pay has been derived by merging 60.15 % of DA into current Basic Pay and then adding your expected hike on the whole amount (Current basic + 60.15% of current basic).

Apart from this, every second and fourth Saturday of the month will be a holiday, and the other Saturdays will be full working days.

Disclaimer - We have not considered the 2 % Load factor. So, All the outcome of salary Calculation is the approximate basis. 

What are other perks that are available to Bank PO : 

There are number of other perks available to Bank officers and these vary from bank to bank, and even the amount of such perks vary from bank to bank. 
SBI gives more perks than all other nationalised banks.  

Some of the perks available to Bank officers are :-

  1. Leased Accommodation -  As mentioned above this facility is available to Bank officers in lieu of HRA.   At some stations, some banks may offer official bank accommodation / bank quarters in lieu of leased accommodation.   The lease amount vary from bank to bank and place of postings. However, you should remember that this amount is not available as cash component and will directly go to the house owner - you have got leased.
  2. Travelling Allowance - Some banks allow fixed Travelling Allowance whereas others allow reimbursement of petrol bills i.e. officer must own  scooter / car at the place of posting
  3. Newspaper Reimbursement - A fixed monthly amount is paid towards the cost of one newspaper
  4. Medical Aid - A fixed annual amount is paid by most of the banks Coverage under New Pension Scheme

Job Profile of a Bank Probationary officer

Probationary Officers are directly recruited officers in the banks who are initially recruited on probation (which is normally in all types of jobs) for 2 years (Check it once) period.  It is a coveted job as bank officers usually enjoy good respect and prestige in Indian society.  This is the entry point for officers in the bank.  Usually they are initially given training, which ranges from few weeks to one year.  After the training, they are placed either in a branch or administrative office.  At the branch PO is supposed to look after the branch working which can include passing of cheques, evaluating loan proposals; marketing of bank products etc.

Monthly & Annual Salary Of A PO Before 11th BPS 

What is the total Cost to Company (CTC) for Bank Probationary Officers (As on August 2014)
Although, Basic Pay, DA are clearly defined for POs, yet other allowances like HRA / leased accommodation, Petrol charges, Medical Allowance,  Entertainment allowances, canteen subsidy, vary from bank to bank and place of posting (rural / semi urban / metro).  Thus, CTC will vary from bank to bank and place of posting.  However, we give below a  BROAD  CTC for Bank POs.

Components
Monthly
Annual
Basic
14500
174000
DA
14855
178263
CCA (Cost To Company)
540
6480
Sub Total
29526
358743
For any updation or suggestion on this article, feel free to write us at bank4study@gmail.com 
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