IBPS PO Salary 2024, Job Profile, Revised Salary Structure & Allowances

IBPS PO Salary 2024: Every year, IBPS recruits graduates by offering Probationary Officers, a highly sought-after position, and excellent wages. A lot of prospective bankers wonder if banks adhere to the 7th Pay Commission, but they use the two-way agreement when it comes to pay adjustments. We cover all the things an officer should think about in this article before applying to work for one of the 11 banks taking part in IBPS. The 11th Bipartite Agreement sets the IBPS PO Salary 2024. The current base pay for IBPS POs is Rs. 36,000/-. Explore the updated pay scale, job description, career advancement opportunities, allowances, and promotion guidelines for an IBPS PO by reading this article through to the end.

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 Association of Indian Banks and the Bank Employees’ Union signed an agreement on 12.04.2024. Both sides agreed on a 17 percent increase in the basic salary of bank employees. The 12th bilateral agreement covers employees of 12th Bipartite Settlement Agreement, 10 private sector banks and 3 foreign banks. The bilateral agreement also offered a senior banker four stagnant raises instead of one. The new salary structure also offers the following bonuses:

• deployment allowance
• special area allowance
• mountain and fuel
• deployment allowance depends on the height of the deployment. There are different discounts for shipments above 1,000 meters but below 1,500 meters, 1,500 to 3,000 meters and 3,000 meters – the higher the location, the higher the compensation.

  Dearness Index has also been moved to 2016 =100. These changes will be reflected in IBPS Bank PO Salary shortly..

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.

1. Learning Allowance: Provided to facilitate continuous learning and skill development.
2. Traveling Allowance: Reimbursement for travel expenses incurred during official duties.
3. Newspaper Reimbursement: Compensation for newspaper expenses.
4. Medical Aid: Provision for medical expenses.
5. Benefits under New Pension Scheme: Retirement benefits as per the New Pension Scheme guidelines.

IBPS PO Promotion Policy

In the public sector banks, the promotion policy for IBPS Probationary Officers (POs) follows uniform guidelines that are issued by the Ministry of Finance(Govt. Of India). The different stages of promotion for an IBPS PO are:

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.

We hope you find this IBPS PO Salary 2024, Salary Structure, Job Profile, Perks & Allowances information useful. So, if you have any questions or worries about the Banking exams, please get in touch with us. To aid in exam preparation, the PW App also offers live and recorded lectures, live exams, quizzes, and much more.

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