IBPS PO provides a lucrative salary for probationary officer posts. Due to this reason, every year lakhs of graduates apply for recruitment in order to get shortlisted. However, many banking aspirants are still confused about the revised salary of IBPS PO, especially after the 7th pay commission. Banks these days follow the bipartite settlement when it comes to revising the IBPS PO salary.
The revised salary by IBPS PO 2021 has been decided depending on the 11th bipartite agreement back in November 2020. Now, the basic pay for IBPS PO has been decided around Rs. 36,000. Not just the salary, the bankers from IBPS get various attractive benefits that are no doubt lucrative. From here, you will come to know about the IBPS PO salary for this year.
IBPS PO Salary Structure 2021
The IBPS PO salary structure keeps changing and after the 11th Bipartite Agreement, the salary structure changed in November 2020. From the below-listed data, you can figure out the latest salary structure.
| Basic Pay | Rs. 36,000 |
| Special allowance | Rs. 5904 |
| DA | Rs. 8593.20 |
| CCA | Rs. 1400 |
| Learning allowance | Rs. 600 |
| DA others | Rs. 1552 |
| HRA | Rs. 3240 |
| Gross salary | Rs. 57289.70 |
| Deduction | Rs. 4659 |
| Net Salary | Rs. 52, 630.38 |
IBPS PO- In-hand salary
It is important to understand that the initial in-hand salary package, which is offered to the IBPS probationary offices starts from Rs. 52000 to Rs. 53000. Along with that, you will get many dearness allowances, HRA, special allowances as well as other perks as well. The gross salary is almost around Rs. 57,000. However, after deduction, the net salary sticks around Rs. 52,000.
IBPS PO Salary post Bipartite Settlement
The wage revision for all the bank employees has been approved and is effective since November 2017 under the 11th Bipartite Settlement. The revised salary will continue until five years, which means until 2022 until changes are being made by IBPS. Almost 8.8 lakh employees received the benefits from the 11th bipartite settlement. Hence, if you are applying for the IBPS post, then you can get some amazing benefits.
IBPS PO Perks and 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 the inflation rates |
| City Compensatory Allowance | 3% or 4% (depending on the place of posting) |
| Special Allowance | 7.75% of the basic pay |
IBPS PO House Rent Allowance (HRA): This varies as per the posting and varies from 9.0% to 8.0% of the basic salary based on the cities.
IBPS PO Dearness Allowance (DA): Dearness Allowance (DA) is offered to the employees as a percentage of the basic salary. Back in January 2016, it was almost 39.8% of the basic salary that has been reduced to 23.87% in 2017. The amount is revised after every three months depending on All India Consumer Price Index data published by the Ministry of Statistics and Program Implementation.
IBPS PO Special Allowance (SA): This allowance is included in the last wage revision for the banks. The amount is almost 7.75% of the basic pay, which came into effect in November 2017.
IBPS PO City Compensatory Allowance (CCA): Depending on the type of city, it can be 0%, 3%, or 4%.
There are other allowances as well that you can get as an IBPS probationary officer, like learning allowance, traveling allowance, medical aid, newspaper reimbursement, etc.
What is the career growth of the IBPS PO?
Once a candidate gets the job, it is not the end. One can get attractive and vast level growth opportunities. They will get the opportunities based on their experience, knowledge and performance. One needs to take the Exams to grab further opportunities. The posts are achievable in the below-mentioned order-
- Middle manager- Middle Management Grade Scale 2
- Senior Manager- Middle Management Grade Scale- 3
- Chief Manager- Senior Manager 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
Participating banks in IBPS 2021
Aspirants can go through the list consisting of all the bank names participating in 2021 for IBPS PO-
- Central Bank of India
- Bank of Baroda
- Bank of India
- Canara Bank
- Bank of Maharashtra
- Indian Overseas Bank
- Punjab National Bank
- Indian Bank
- UCO Bank
- Union Bank of India
- Punjab Sind Bank
IBPS PO is one of the best government white-collar jobs in India. It has a pretty decent salary structure and growth opportunities, and scope to learn about things.
After applying for the IBPS PO Exam 2021, check the latest syllabus and exam patterns along with eligibility criteria at BYJU’s Exam Prep. Having all the required knowledge about the exam reduces the chance of being disqualified. Moreover, knowing the exact subjects and question patterns will also help you prepare for the Exam.
You can find all the previous years’ question papers online. Practice them to have a better idea. Also, there are mock tests available on the internet for the IBPS PO Exam 2021.
In the above article, we have tried to cover the IBPS PO 2021 salary structure, hand salary, Salary post Bipartite Settlement, perks and allowances, career growth, participating banks, and the preparation process. Hopefully, this information will come in handy.
In a nutshell, there are many perks and benefits of cracking the IBPS PO 2021. However, one needs to show sincerity and perseverance while preparing for it.
