Newly Joined Public Sector Bank PO will Get Rs 50,000 Salary

Rs 50,000 what a newly joined Public Sector bank PO starting salary would be with nationalized public sector bank from next year onward.

Most of people will not believe the statement, but the outcome of recent 10th Bipartite Settlement For Bank Employees and IBA (Indian Bankers Association) for wage revision Read it here 60.15% Boost in basic salary for Bank Employees, shows that the Starting in Hand Salary for bank Probationary officer’s salary would be approx. Rs 50,000. 

Now the Newly PO who joined any of the Nationalized bank the Basic Pay will be Rs 27865/-. Where is Rs 50,000 as Salary (I Am Sure this will be in your mind) , Here is the breakup :Read IBA Wage Settlement : here

According to IBA, there are merging of 401 slabs of dearness allowance (DA) for bank employees i.e. around 60.15% increase in current basic pay (0.15% equivalent to 1 SLAB) , According to this the revised Basic pay of Newly Joined PO would be  Rs14500+ Rs (60.15*14500) = Rs 23,221/-

There is expected demand of around 20% increase in Salary of Bank Employees for this Settlement. If we considered the worst scenario and take 20% increase in salary (which is expected 25% where union demand is 30% of revised basic pay) the Salary of Bank PO will be : Rs 23,221+0.20*23221 = Rs 27,865 /-.

Note : Salary of PO consist of BP+Existing DA+HRA+Quarter Lease+Petrol Allowance+Entertainment expenses+Phone bill+Cleaning+Lunch Allowance etc. , Which will also change with new Wage Revision, If I consider other facilities then the Salary of Probationary will be more than Rs 50,000 per month ?

All the other facilities provided to their employees based on the Basic Pay and may vary Bank to bank. Anyway If I consider on Average, Salary would be :

 

SALARY HEAD	CURRENT AMOUNT PAYABLE	REVISED AMOUNT PAYABLE
BASIC PAY (BP)	14500	Rs 27, 865 (with 20% increase)
DEARNESS ALLOWANCE (DA)	12781 (@89.15)	Rs 10,839 (@38.90%) will vary
HOUSE RENT ALLOWANCE (HRA)	1087 (IN Metro)	Rs 2,786
TOTAL in Hand Salary	Rs 28,368	Rs 41,490
Quarter Lease	Rs 8000 (Average)	Rs 8,000) but increase to Rs 10,000 after settlement
TOTAL	Rs 36,368/- in Metro	Rs 49,490 in Metro

So, Guys what do you say!!!! Now do you have any grudges against your Private Bank peers now !!!!

Welcome your comments and valuable addition.