Expected Salary for IBPS PO Post November 2017: Comprehensive Analysis
Introduction
Hello friends, let's begin by discussing the current and future salary expectations for probationary officers (POs) after November 2017. As you might be aware, salaries for probationary officers across public sector banks are under revision. The wage revision for these positions is yet to be finalised, and it is important to note that the actual salaries are often rounded up to the nearest multiple of a certain scale.
Base Salary and Gross Earnings
Probationary officers are generally classified as Scale 1 officers. As of now, a probationary officer can expect to earn around Rs. 38,000 to 40,000 per month on a gross salary basis. However, after deducting taxes, National Pension Scheme (NPS) contributions, and other deductions, their take-home salary is approximately Rs. 33,000 to 35,000 per month.
Allowances and Benefits
In addition to the base salary, probationary officers receive various types of allowances, which can vary from one bank to another. Some of the common allowances include:
Petrol Allowance: Typically ranges from Rs. 2,000 to 3,000 per month. News Paper Allowance: Generally within the range of Rs. 2,000 to 3,000 per month. Entertainment Allowance: Usually around Rs. 3,000 to 5,000 per month. House Maintenance Allowance: Ranges from Rs. 5,000 to 8,000 per month, excluding the State Bank of India (SBI).These allowances can contribute significantly to the overall monthly income, potentially adding up to around Rs. 10,000 to 15,000 per month for a probationary officer, depending on their bank and location.
Lease Costs and Housing Benefits
After completing their probation period, probationary officers become eligible for more substantial housing benefits, such as leasing a house. The cost of leasing can vary widely from bank to bank and also from city to city. For instance:
Delhi: One of the highest costs of leasing can be found in Delhi, where the average monthly lease cost for a probationary officer ranges from Rs. 15,000 to 18,000. Rohat: In a city like Rohat, the cost might be significantly lower. Oriental Bank of Commerce (OBC): In OBC, the monthly lease cost can be around Rs. 11,000.This further adds to the benefits available to probationary officers and can contribute to a stable and comfortable living situation.
Overall Annual Income
Considering all the allowances and benefits, a probationary officer can realistically expect an annual income of more than Rs. 5 Lakhs. This figure can be even higher depending on the specific bank and the number and value of allowances.
Wage Revisions and Future Expectations
To get a more precise answer on the expected salary post-November 2017, it is important to note that the 11th Bipartite Agreement is due, and negotiations between the Government of India and the bank unions can greatly influence the final figures. Even with a conservative estimate, the starting salary for a probationary officer could exceed Rs. 34,000 per month post-deductions, with the total gross salary potentially reaching Rs. 38,000 per month.
Moreover, other perquisites such as entertainment and cleaning expenses provided by the banks can significantly enhance this overall salary, making the total package even more attractive. These perquisites can add up to a considerable sum, often bringing the total annual income of a probationary officer to more than Rs. 5 Lakhs.
I hope this comprehensive analysis helps you understand the current and potential salary structure for probationary officers in public sector banks.
Conclusion
This article should provide you with a clear picture of the salary structure for IBPS POs post-November 2017. Understanding this information can be invaluable if you are considering a career in banking or wish to make informed decisions regarding your financial goals.
Happy learning!