Do SBI PO Really Get Rs. 70,000 Per Month Salary ?

Is that really truth or it’s just a misleading advertisement by Bank to attract fresh blood.

Such type of attractive package would attract bright candidates to join SBI. Recent attrition rate is so poor among Public Sector Bank that Bank was forced to boost the salary package of employees , they are unable to change the Basic Salary slab of their employees because of the agreement with IBA (Indian Banking Association) so they are looking after some indirect way to compensate.

Read : 11th Bipartite Settlement – Government May Settle the Bank Pay revision Before 01st November

The Basic Facts about the Salary offered By SBI to New PO :

Cash Component : Rs 30,370

Contribution By Bank To PF and Pension : Rs 4673

HOUSING LEASE RENTAL : Rs 29,500

Perquisites : Rs 4130

TOTAL   : Rs 68,673/- 

If this is the Salary in HAND than really a Wonderful Package to work with, What I suggest to All IIM’s and IITians to join SBI because the initial pay scale of Top Brands in India have much lesser than this Salary Package. But the Truth is some where different than reality. A natural question, ” HOW”, I let you know below :

CASH COMPONENT : A smart Way to hide the Basic Pay Scale i.e. Rs. 16900 in the scale of 14500-25700. A SBI PO join with Four more increments i.e. rs 700 each.The basic Pay scale with Dearness Allowance (DA) i.e. 76.50% present. Total Comes to Rs 29,828  (16900+76.50*16900)with some error. That is almost similar to CASH COMPONENT part offered by SBI. 

Contribution By Bank To PF and Pension : This is additional benefit paid by SBI to their employees.

HOUSING LEASE RENTAL : This is where trick works, SBI clearly defined that the Compensation Package of Rs 8 lacs at Mumbai. If this is the Uniform Package offered by SBI to all probationary officers than why to mention only MUMBAI ? Why I suggest if this is uniformly offered to all PO , Bank should have mentioned ANYWHERE INDIA not only Mumbai. It means Housing Rent paid by bank to their staff as a additional benefit in lieu of HRA.

Read : RBI Grade B Officers Salary Structure – Rs 13 Lacs Per Annum

This amount will not be paid to employee although this rent will be paid directly to Owner of the Premises. If that employee get transferred to some remote areas what would be the amount paid by bank is not mentioned ? If any PO get posted to some rural areas in such case he/she will get salary with sum total of cash Component+Pension i.e. 30,370+4673.

Now Think Yourself !!!! Whether you are agreed or not ?