IBPS PO Salary 2024: Each year, IBPS selects graduates for the coveted position of Probationary Officers, offering attractive salaries. This article sheds light on crucial aspects officers should consider before applying to the 11 participating banks in IBPS. The 11th Bipartite Agreement determines the IBPS PO Salary 2024, with the current base pay set at Rs. 36,000/-. Delve into this article to explore the revised pay scale, job description, career opportunities, allowances, and promotion guidelines for an IBPS PO.
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IBPS PO Salary 2024 Overview
As per the latest settlement, there’s a 15% increase in the payslip component for employees. This adjustment is applicable across public sector banks until a new settlement is introduced. Refer to the table below for a snapshot of the updated IBPS PO Salary 2024 compensation structure based on the 11th Bipartite Agreement from November 2020.
| IBPS Bank PO Salary Components | Amount (INR) |
| Basic Pay | 36,000 |
| Dearness Allowance (DA) | 23.87% |
| House Rent Allowance (HRA) | 7%-9% |
| CCA/LOC A | 3% or 4% |
| Special Allowance | 7.75% |
| Other Allowances | Detailed Below |
| Gross Salary | 57,289 |
| NET Salary (after deductions) | 52,630 |
IBPS PO Salary In-hand
Upon joining as an IBPS Probationary Officer, the starting IBPS PO Salary 2024 ranges between Rs. 52,000 to 55,000. This includes components such as dearness allowances, special allowances, house rent allowance (HRA), and additional benefits. The gross salary before deductions is around Rs. 57,000, resulting in an in-hand salary of Rs. 52,000 to 55,000 after necessary deductions.
IBPS PO Salary 2024 and Bipartite Settlement
The 11th Bipartite Settlement, effective since November 2017, has increased the salaries of around 8.8 lakh bank employees. This revision will remain in place until 2024 or until IBPS revises it again.
IBPS PO Salary 2024 Perks & Allowances
Refer to the table below for a quick overview of IBPS PO Salary 2024 Perks & Allowances:
| IBPS PO Allowances | Amount (INR) |
| Basic Pay | 36,000 |
| House Rent Allowances | 7%-9% |
| Dearness Allowance (DA) | 23.87% |
| CCA | 3% or 4% |
| Special Allowance | 7.75% |
IBPS PO Housing Allowance (HRA): The HRA constitutes a segment of the IBPS PO Salary 2024 and fluctuates depending on the city of the PO’s assignment. The percentage can be 9.0%, 8.0%, or 7.0% of the basic salary, contingent on whether it’s a metro city, a major city, or another location.
IBPS PO Dearness Allowance (DA): DA is an allowance granted as a proportion of the basic salary. It undergoes revision every three months, influenced by the inflation rate determined by the All India Consumer Price Index Data released by the Government of India.
IBPS PO Special Allowance (SA): This allowance, constituting around 7.75% of the base pay, witnessed an increment in the recent wage adjustment, becoming effective in November 2017.
IBPS PO City Compensatory Allowance (CCA): CCA varies based on the city type and can be 0%, 3%, or 4% of the basic salary. Apart from these, an IBPS PO enjoys various benefits like Learning Allowance, Travelling Allowance, Newspaper Reimbursement, Medical Aid, and benefits under the New Pension Scheme. When combined, the total IBPS PO Salary 2024 may reach approximately Rs. 52,000 or more.
IBPS PO Promotion Policy
Public sector banks typically adhere to consistent guidelines from the Ministry of Finance, Government of India, for their promotion policy. There are two promotion channels: the standard channel and the merit channel. Complete details can be found in the following link: Promotional Channels for PO in Public Sector Banks.
For an IBPS PO’s Professional Development Officer JMGS I or probationary officers in banks, the salary ranges between Rs. 52,000 and Rs. 55,000. For other Scale officers – MMGS II, MMGS III, SMGS IV, SMGS V.
IBPS PO Salary 2024 Job Profile
The role of a Probationary Officer in the banking sector is highly esteemed and sought after by graduates. This section outlines the work profile, responsibilities, and tasks that a Probationary Officer must undertake post-selection.
- During the probation period, candidates undergo training to handle various banking tasks like finance, accounting, billing, investments, and revenue collection.
- A PO assists in resolving customer queries.
- The PO oversees and manages activities at the assigned branch.
- Identifying and exploring new business opportunities for the branch is a key responsibility.
- POs supervise daily transactions and loan-related activities.
- Maintaining good public relations with customers and reporting issues to higher bank authorities are crucial aspects of their role.
IBPS PO Salary Slip 2024
Details about the IBPS PO Salary Slip are provided here. This Pay Slip serves as a guide to understand the credited pay for an IBPS Probationary Officer.
IBPS PO Career Growth
The career path for a Probationary Officer is enticing, offering numerous opportunities based on performance, experience, and knowledge. Promotions are attainable through regular participation in IBPS tests.
- Middle Manager: Middle Management Grade Scale 2.
- Senior Manager: Middle Management Grade Scale 3.
- Chief Manager: Senior Management 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: A role involving crucial decision-making and department oversight.
- Chairman and Managing Director: The highest position, leading the bank’s operations with the highest authority.
Participating Bank for IBPS PO 2024
Participating Banks for IBPS PO 2024 The following banks will participate in IBPS PO 2024:
| Participating Bank for IBPS PO 2024 | |
| S. No. | Bank Name |
| 1. | Bank of Baroda |
| 2. | Bank of India |
| 3. | Bank of Maharashtra |
| 4. | Canara Bank |
| 5. | Central Bank of India |
| 6. | Indian Bank |
| 7. | Indian Overseas Bank |
| 8. | Punjab National Bank |
| 9. | Punjab & Sind Bank |
| 10. | UCO Bank |
| 11. | Union Bank of India |
To reach these positions, candidates must appear in promotional exams conducted by IBPS at different career stages, presenting vast and attractive growth opportunities for an IBPS Probationary Officer.
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Takeaway
Explore the exciting opportunities in the banking sector with the Revised IBPS PO Salary 2024. With competitive pay, comprehensive allowances, and a clear career path, aspiring bankers can embark on a fulfilling journey. Prepare for success with the support of resources like live and recorded lectures, exams, quizzes, and more on the PW App. Your prosperous banking career awaits!
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