IBPS PO salary 2024 is an important element for candidates who want to apply for the banking exam. Probationary Officer is a reputed role, and applicants from all around the world appear for PO examinations because of its good salary structure. The job role of IBPS PO comes with perks and benefits. Candidates need to be well-versed with the salary details of the salary package deal and the numerous allowances and perks that come alongside it.
To be eligible for the salary package, applicants will first need to clear the exam. This may be accomplished by effective IBPS PO preparation. The basic pay for the role of PO has been revised to INR 36,000, and the gross Salary, including diverse allowances, stands at about INR 57,289.70. However, there are a few deductions (Tax & NPS), and the in-hand Salary is INR 52,630.38.
The salary structure for IBPS PO has been changed by the 11th bipartite settlement. Bipartite Settlement is a salary agreement that states an increase in salaries for Probationary Officers, Bank Employees, Staff, and Sub-Staff at Public Banks. According to the current status, employees get a 15% increase in the payslip component.
IBPS PO Salary 2024
IBPS sets the IBPS PO salary. An IBPS PO receives a handsome salary along with perks and benefits that attract aspirants to apply for this job. The IBPS PO Salary 2024 is one of the important driving forces for candidates appearing for the post. IBPS PO salary is the main factor that attracts aspirants to apply for this field and make their career.
The basic pay of IBPS PO is Rs. 36,000, with a gross salary of Rs. 57, 289.70 and a salary of Rs. 52,630.38 after deductions. Applicants who want to apply for the IBPS PO 2024 should know about IBPS PO Salary 2024.
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IBPS PO Salary Structure 2024
According to the settlement, employees will get a 15% increase in the payslip aspect. This needs to be accompanied through public area banks until the time a new agreement is released.
| Basic pay | INR 36,000 |
| DA | 23.87% of the Basic Pay (Varies based totally on inflation rate) (INR 8593 for basic pay of INR 36,000) |
| HRA | 7%-9% of the simple pay (For Eg: 3240 for the basic pay of INR 36,000) |
| City Compensatory Allowance (CCA)/LOC A | 3% or 4%(depending at the area of posting) (For Eg: INR 1400) |
| Special Allowance | 7.75% of the basic pay (INR 5904 for the basic pay of INR 36,000) |
| DA others | Rs. 1552 |
| Learning Allowance | Rs. 600 |
| Prof Tax | Rs. 200 |
| Cont to NPS | Rs. 4459 |
| Gross Salary | Rs. 57,289 |
| NET Salary after deduction of INR 4659 | Rs. 52,630 |
IBPS PO In-Hand Salary
When you get posted to the position of IBPS PO, your starting package is Rs. 52,000 to 55,000. This includes additives like dearness allowances, house rent allowance (HRA), and other extra advantages. Your gross Salary before any deductions is around Rs. 57,000. After getting rid of the essential deductions, your in-hand Salary will be around Rs. 52,000 to 55,000, which is the amount you’ll acquire for your bank account.
IBPS PO Pay Scale
The IBPS PO salary is one of the major reasons why applicants aspire to sign up for the banking area, further to security, lucrative perks, and allowances. The IBPS PO simple pay is Rs. 36,000, at the same time as the in-hand Salary is Rs. 57,289.
Salary of IBPS PO After Bipartite Settlement
The salaries of bank personnel have been accelerated through a way known as “salary revision.” This revision was authorized and became effective in November 2017 beneath a settlement known as the “11th bipartite agreement.” The revised salary structure could be in place for a time of 5 years until 2024 or until it’s revised again by IBPS
Around 8.8 lakh bank employees have benefited from this approval of the 11th bipartite agreement. This means that they may obtain higher salaries throughout this era. Additionally, there may be a provision for increments in the pay of IBPS Probationary Officers, making sure their salaries grow over the years.
IBPS PO Job Profile
The Probationary Officer in the banking sector has an excellent reputation and is the most desired role among graduates. Many banking aspirants are curious about the roles and responsibilities of the PO employee. Below, we mentioned the job profile, roles, and responsibilities that a Probationary Officer should handle after being selected on the PO post.
- During their probation duration, newly decided applicants undergo training to handle daily banking tasks like finance, accounting, billing, investments, etc.
- A PO is responsible for supporting and resolving client queries.
- The PO is responsible for overseeing the projects at the assigned department.
- As a PO, they need to discover and explore new opportunities for the department.
- POs cope with the supervision of daily transactions and loan-related activities.
- Maintaining accurate public members of the family with clients is a vital part of their role, and additionally, they want to report client problems and grievances to higher bank governments.
This sums up the key obligations of a Probationary Officer in the banking sector.
Also Read:- SBI PO Salary and Job Profile 2024 | Income Tax Inspector Salary and Job Profile 2024
IBPS PO Perks and Allowances 2024
Here are the various perks and allowances given to IBPS PO
| IBPS PO Basic Pay | Rs 36,000/- (Increment 4 times) |
| House Rent Allowances | 7%-9% of the basic pay |
| Dearness Allowance | 23.87% of the Basic Pay (Varies primarily based on the inflation rate) |
| City Compensatory Allowance (CCA) | 3% or 4% (depending on the region of posting) |
| Special Allowance | 7.75% of the basic pay |
IBPS PO House Rent Allowance (HRA): The HRA is part of the IBPS PO Salary 2024, which varies depending on the city where the PO is posted. It may be 9.0%, 8.0%, or 7.0% of the basic salary, depending on whether or not it’s a metro town, a big city, or some other location.
IBPS PO Dearness Allowance (DA): DA is an allowance given as a percentage of the basic salary. It is after every 3 months based on the inflation rate. This kind of allowance is measured through the All India Consumer Price Index Data under the Government of India.
IBPS PO Special Allowance (SA): Around 7.75% of the basic pay is made up by this allowance, which becomes multiplied during the latest wage adjustment. It was active in November 2017.
IBPS PO City Compensatory Allowance (CCA): CCA varies primarily based on the type of town. It can be 0%, 3%, or 4% of the basic Salary.
In addition to these allowances, an IBPS PO additionally experiences other benefits like Learning Allowance, Travelling Allowance, Newspaper Reimbursement, Medical Aid, and advantages under the New Pension Scheme.
IBPS PO Promotion
In the general public sector banks, the promotion coverage for IBPS Probationary Officers (POs) follows growth by the Ministry of Finance(Govt. Of India). The different tiers of promotion for an IBPS PO are
| Stage | Designation |
|---|---|
| 1. | Middle Management Grade Scale 2 – Middle Manager |
| 2. | Middle Management Grade Scale 3 – Senior Manager |
| 3. | Senior Management Grade Scale 4 – Chief Manager |
| 4. | Senior Management Grade Scale 5 – Assistant General Manager |
| 5. | Top Management Grade Scale 6 – Deputy General Manager |
| 6. | Top Management Grade Scale 7 – General Manager |
| 7. | Executive Director |
| 8. | Chairman and Managing Director |
Career Growth of IBPS PO
The Salary of probationary Officers or Officer JMGS I (Junior Management Grade Scale I) in banks ranges from 52,000 to Rs. 55,000. For other Scale officials
- 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)
Participating Banks in IBPS PO 2024
Here is the list of prominent banks participating in IBPS PO Posts 2024 and hire the candidates on the basis of the selection process
| No. | Bank Name |
|---|---|
| 1. | Canara Bank |
| 2. | Allahabad Bank |
| 3. | Syndicate Bank |
| 4. | Indian Overseas Bank |
| 5. | Andhra Bank |
| 6. | Oriental Bank of Commerce |
| 7. | Central Bank of India |
| 8. | UCO Bank |
| 9. | Corporation Bank |
| 10. | Bank of Baroda |
| 11. | Punjab National Bank |
| 12. | Bank of India |
| 13. | Union Bank of India |
| 14. | United Bank of India |
| 15. | Punjab and Sind Bank |
| 16. | Bank of Maharashtra |
Conclusion
Explore the exciting opportunities in the banking sector with the Revised IBPS PO Salary 2024. With competitive pay, comprehensive allowances, and a clear professional course, aspiring bankers can embark on a satisfying journey.