IBPS PO Salary 2024: Are you looking for the specifics? All the information on the updated pay scale, job profile, perks, and allowances is provided in this article. Every year, the Probationary Officer test is held by the Institute of Banking Personnel Selection (IBPS) to choose candidates to work for Public Sector Banks. An enormous number of applicants will take the IBPS PO Exam each year. There will be a legitimate method to get into the government, and there will always be a procedure about remuneration. The IBPS PO Salary will be the focus of all workers rather than the lucrative benefits, security, or allowances. Every applicant is free to ignore the IBPS PO Salary. Examine all of the article’s extensive content.
IBPS PO Pay Schedule for 2024
In November 2020, the 11th Bipartite Agreement served as the basis for the updating of the IBPS PO remuneration for 2024. Since November 2017, the new wage structure has been in place, with the revised base pay now being Rs. 36,000. Continue reading below for additional details on the updated IBPS PO compensation structure, job description, career advancement, allowances, and promotion policies.
Salary Structure of IBPS PO
To review the updated compensation structure in accordance with the 11th Bipartite Agreement, which was made public in November 2020, please refer to the tabular data below.
| IBPS Bank PO Salary Structure in India | |
| Basic Pay | Rs. 36,000 |
| Special Allowance | Rs. 5,904 |
| Dearness Allowance | Rs. 8,593.20 |
| CCA | Rs. 1,400 |
| Learning Allowance | Rs. 600 |
| DA Others | Rs. 1,552.50 |
| Housing Rent Allowance | Rs. 3,240 |
| Gross Salary | Rs. 57,289.70 |
| Deduction (Tax & NPS) | Rs. 4,659.32 |
| Net Salary | Rs. 52,630.38 |
IBPS PO Salary in-hand
The IBPS PO employees’ first-in-hand remuneration, which includes HRA, special allowances, dearness allowances, and other benefits, would be between Rs. 52,000 and Rs. 55,000. About Rs. 57,000 will be the gross salary for an IBPS PO. The IBPS PO net in-hand remuneration would range from 52,000 to 55,000 after deducting the discount.
Salary of IBPS PO Following Bipartite Settlement
The 11th bipartite settlement has approved the salary adjustment for bank workers, which will go into effect in November 2017. The new compensation system will be in effect for five years, or until 2024, unless the IBPS makes further revisions. About 8.8 lakh workers covered by the 11th bipartite settlement would profit from this judgement. Furthermore, there is a clause allowing for prompt salary raises for IBPS PO officers.
Salary Slip for Probationary Officers in IBPS
Salary slips for IBPS probationary officers are among the most crucial paperwork for workers. Details that will be taken into account at the end of the task are included in the IBPS PO pay slip. View the IBPS PO Salary Slip example.
IBPS PO Benefits and Perquisites
As previously discussed, the BPS PO Salary is one of the advantageous perks included in the IBPS PO. We have included details on each IBPS PO’s benefits and allowances below. Look them up:
| 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 |
House Rent Allowance (HRA) for IBPS PO
Different rates apply to metros, large cities, and other regions for the House Rent Allowance (HRA) for IBPS PO, depending on where it is posted. 9.0%, 8.0%, or 7.0% of the base pay may constitute the HRA.
Dearness Allowance (DA) for IBPS PO
IBPS PO workers get Dearness Allowance (DA) as a percentage of their base pay. As of November 2017, it fell down to 23.87% from over 39.8% in January 2016. The Ministry of Statistics and Programme Implementation, Government of India, publishes the All India Consumer Price Index, which is used to update the DA every three months. The bank unions are pushing for a monthly adjustment in the next pay settlement.
Special Allowance (SA) for IBPS PO
The Special Allowance (SA), which represents around 7.75% of base pay, was included in the most recent wage adjustment for banks. It became operational in November 2017.
City Compensatory Allowance (CCA) for IBPS PO
The kind of city determines the City Compensatory Allowance (CCA) for IBPS PO. It might be in the 0%, 3%, or 4% range.
Extra Benefits for Probationary Officers in the IBPS
IBPS Probationary Officers get extra benefits in addition to the allowances listed above. These benefits include Medical Aid, Newspaper Reimbursement, Learning Allowance, Travel Allowance, and benefits under the New Pension Scheme. Taking into account all of these perks, an IBPS probationary officer’s overall pay might reach Rs. 52,000 or more.
Job Overview for IBPS Probationary Officers
Among recent graduates, being a probationary officer in the banking industry is a prominent and sought-after job description. Prospective bank employees are interested in learning about the duties and responsibilities of a PO. This section gives a thorough rundown of the duties and responsibilities of a probationary officer upon selection.
- instruction and activities: Selected applicants get instruction in a range of daily banking activities throughout their probationary term, including finance, accounting, billing, investing, and revenue collection.
- Resolution of Customer inquiries and Concerns: Resolving customer inquiries and concerns is one of a probationary officer’s main duties.
- Branch Supervision: The responsibility of maintaining and overseeing operations at their designated branch falls to the Probationary Officer.
- Business Opportunities: One of their responsibilities as a probationary officer is to look into potential new ventures for the branch.
- Probationary officers are responsible for supervising day-to-day transaction activity and managing loan-related procedures.
- Customer Relations: One of the PO’s responsibilities is to maintain good public relations with customers and to efficiently inform bank authorities of problems and complaints.
Career Growth for IBPS POs
Growing will occur as you work as an IBPS PO. And their performance, experiences, and knowledge will determine how much they progress. The list pertaining to the growth in IBPS PO promotion is shown below.
- Middle Manager – Middle Management Grade Scale 2
- Senior Manager – Middle Management Grade Scale 3
- Chief Manager – Senior Management Grade Scale 4
- Assistant General Manager – Senior Management Grade Scale 5
- Deputy General Manager – Top Management Grade Scale 6
- General Manager – Top Management Grade Scale 7
- Executive Director
- Chairman and Managing Director