IBPS PO Salary 2024, Revised Salary Structure

Post Name :  IBPS PO Salary 2024, Revised Salary Structure

Post Date :  15 February , 2024

Post Description :  Every year, the Institute of Banking Personnel Selection (IBPS) conducts recruitment drives to hire graduates for the coveted position of Probationary Officers (POs) in various participating banks. This position offers attractive wages and numerous career advancement opportunities. In this article, we delve into the details that aspiring officers should consider before applying for the IBPS PO Exam.

IBPS PO Salary 2024

According to the latest settlement, employees will get a 15% hike in the payslip component. This has to be followed by public sector banks till the time a new settlement is released. Check the below-tabulated statistics for the updated IBPS PO Salary 2024 compensation structure as per the 11th Bipartite Agreement, which was announced in November 2020.

IBPS PO Salary In-hand

When you get hired as an IBPS Probationary Officer, your starting IBPS PO Salary 2024 package is between Rs. 52,000 to 55,000. This includes various components like dearness allowances, special allowances, house rent allowance (HRA), and other additional benefits. Your gross salary before any deductions is around Rs. 57,000. After taking out the necessary deductions, your actual in-hand salary will be around Rs. 52,000 to 55,000, which is the amount you’ll receive in your bank account.

IBPS PO Salary 2024 in India after the Bipartite Settlement

The salaries of bank employees have been increased through a process called “wage revision.” This revision was approved and became effective in November 2017 under an agreement called the “11th bipartite settlement.” The revised salary structure will be in place for a period of five years until 2024 or until it is revised again by IBPS (Institute of Banking Personnel Selection).

Around 8.8 lakh bank employees have benefited from this approval of the 11th bipartite settlement, which means they will receive higher salaries during this period. Additionally, there is a provision for regular increments in the pay of IBPS Probationary Officers, ensuring their salaries increase over time.

IBPS PO Salary 2024 Perks & Allowances

Check the below table for quick overview of IBPS PO Salary 2024 Perks & Allowances:

IBPS PO House Rent Allowance (HRA): The HRA is a part of the IBPS PO Salary 2024 that varies depending on the city where the PO is posted. It can be 9.0%, 8.0%, or 7.0% of the basic salary, depending on whether it’s a metro city, a big city, or another location.

IBPS PO Dearness Allowance (DA): DA is an allowance given as a percentage of the basic salary. It is revised every three months based on the inflation rate, which is measured by the All India Consumer Price Index Data published by the Government of India.

IBPS PO Special Allowance (SA): Approximately 7.75% of the base pay is made up by this allowance, which was increased during the most recent wage adjustment. It became active in November 2017.

IBPS PO City Compensatory Allowance (CCA): CCA varies based on the type of city. It can be 0%, 3%, or 4% of the basic salary.

In addition to these allowances, an IBPS PO also enjoys other benefits like Learning Allowance, Travelling Allowance, Newspaper Reimbursement, Medical Aid, and benefits under the New Pension Scheme. When we add all these together, the total IBPS PO Salary 2024 may amount to around Rs. 52,000 or more.

IBPS PO Promotion Policy

The majority of public sector banks follow uniform guidelines supplied by the Ministry of Finance, Government of India, when it comes to promotion policy. Public sector banks have two alternatives for promotions: the standard channel and the merit channel. The following link will take you to the whole details:

Promotional Channels for PO in Public Sector Banks

An IBPS PO’s Professional Development Officer JMGS I (Junior Management Grade Scale I) or probationary officers in banks earn between Rs. 52,000 and Rs. 55,000.

For other Scale officers:

• 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)

IBPS PO Salary 2024 Job Profile

Probationary Officer in the banking sector has a good reputation and is the most wanted position among graduates. Many banking aspirants are curious about the functions and responsibilities of the PO employee. We have defined the work profile, responsibilities, and tasks that a Probationary Officer must handle after being selected in this section.

1. During their probation period, newly selected candidates undergo training to handle various day-to-day banking tasks like finance, accounting, billing, investments, and revenue collection.
2. A PO is responsible for assisting and resolving customer queries.
3. The PO is in charge of overseeing and managing activities at their assigned branch.
4. As a PO, they need to identify and explore new business opportunities for the branch.
5. POs handle the supervision of daily transactions and loan-related activities.
6. Maintaining good public relations with customers is a crucial part of their role, and they also need to report customer issues and grievances to higher bank authorities.

This sums up the key responsibilities of a Probationary Officer in the banking sector.

IBPS PO Salary Slip 2024

We have provided you with information on the IBPS PO Salary Slip. This Pay Slip can be used as a guide to get an idea of the pay that was credited to an IBPS Probationary Officer’s (PO) account.

IBPS PO Career Growth

The Probationary Officer career path is quite appealing, with numerous chances even after the candidate has been hired. The possibilities that follow after holding the post of IBPS PO are listed below based on their performances, experiences, and knowledge. To obtain the promotion, the candidate must appear in IBPS tests on a regular basis.

1. Middle Manager: Middle Management Grade Scale 2: After gaining experience and demonstrating good performance, a PO can get promoted to the position of a Middle Manager in Grade Scale 2.
2. Senior Manager: Middle Management Grade Scale 3: Further advancement leads to the position of Senior Manager in Grade Scale 3, which comes with increased responsibilities.
3. Chief Manager: Senior Management Grade Scale 4: With more experience and expertise, a PO can become a Chief Manager in Grade Scale 4, holding a senior management position.
4. Assistant General Manager: Senior Management Grade Scale 5: Progressing higher, the next role is Assistant General Manager in Grade Scale 5, with greater responsibilities in senior management.
5. Deputy General Manager: Top Management Grade Scale 6: A successful PO can become a Deputy General Manager in Grade Scale 6, occupying a top management position in the bank.
6. General Manager: Top Management Grade Scale 7: Further growth leads to the position of General Manager in Grade Scale 7, with significant influence and responsibility within the bank.
7. Executive Director: The Executive Director role involves playing a crucial part in the bank’s decision-making and overseeing various departments.
8. Chairman and Managing Director: The highest position is Chairman and Managing Director, where one leads the bank’s operations and holds the highest authority.

To attain these higher positions, candidates need to appear in promotional exams conducted by IBPS at different stages of their careers. The career growth opportunities are vast and attractive for an IBPS Probationary Officer, based on their performance, experience, and knowledge.

Participating Bank For IBPS PO 2024

The banks that will be taking part in the IBPS PO 2024 are listed below. The list for Participating Banks will be updated whenever the notification is received.