IBPS PO Salary 2023: IBPS offers one of the most handsome salaries to IBPS PO. This is one of the primary attractions for graduates seeking employment in the banking sector is the lucrative salaries offered to Probationary Officers of IBPS. Every year, a significant number of aspiring candidates appear in the exam of IBPS PO for these attractive job opportunities. After reading this post, you will get to know in detail about IBPS PO Salary in hand, salary slip, and IBPS PO promotion criteria in details.
The updated IBPS PO 2023 salary structure has been decided based on the 11th Bipartite Agreement that was signed in November 2020. As part of this agreement, the basic pay for IBPS PO has been revised to Rs. 36,000.
IBPS PO Salary 2023
Given below table is the salary structure of IBPS PO as per the 11th Bipartite Agreement which was released in November 2022.
Check out the list of participating banks from the table below:
|
Type of Pay |
Amount (in INR) |
|---|---|
|
Basic Pay |
Rs. 36,000/- |
|
Special Allowances |
Rs. 5,904 |
|
Dearness Allowance |
Rs. 8,593.20 |
|
City Compensatory Allowance |
Rs. 1,400 |
|
House Rent Allowance |
Rs. 3,240 |
|
Learning Allowance |
Rs. 600 |
|
Other Allowances |
Rs. 1,552.50 |
|
Gross Salary (with HRA) |
Rs. 57,289.70/- |
| Deduction (Tax & NPS) | Rs. 4,659.32 |
| Net Salary | Rs. 52,630.38 |
IBPS PO Salary | Salary Structure 2023
The below table represents the salary structure of the IBPS PO selected candidates –
| Type of Pay | Amount |
| Basic Pay |
|
| Special Allowances | Rs 18, 36.75 |
| Dearness Allowances | 40% of the basic pay(Varies based on inflation rates) |
| City Compensatory Allowances | Rs 870 |
| House Rent Allowance | Rs 2133 |
| Gross with HRA | Rs 38, 703.38 |
| Medical Aid | Rs 8000 |
| Entertainment | Rs 500 |
| Newspaper | Rs 300 |
| Petrol | Rs 3000 |
| Telephone | Rs 400 |
| Canteen Subsidy | Rs 400 |
| Pension Contribution | Rs 25000 |
| Gross Annual CTC(with HRA but without leased accommodation) | Rs 5, 57, 640 |
The Institute of Banking Personnel Selection (IBPS) conducts recruitment for Probationary Officers (POs) annually and the IBPS PO 2023 Notification is expected to be released soon on the official website ibps.in. While the IBPS PO Syllabus 2023 is already updated. Successful candidates appointed to the IBPS PO post will be designated as Junior Management Grade Scale 1 (JMGS-I). JMGS 1 denotes officers who have recently been promoted from the Clerical Cadre to the Officer Cadre.
IBPS PO Salary Structure
The IBPS Probationary Officer is offered a competitive salary package, comprising various components, which are as follows:
- Basic Pay: The basic pay for IBPS PO is set at Rs. 36,000/-.
- Special Allowances: An additional amount of Rs. 5,904 is provided as special allowances.
- Dearness Allowance (DA): IBPS PO receives a Dearness Allowance of Rs. 8,593.20.
- City Compensatory Allowance (CCA): To compensate for the differences in living costs between cities, a City Compensatory Allowance of Rs. 1,400 is provided.
- House Rent Allowance (HRA): IBPS POs are eligible for House Rent Allowance, which amounts to Rs. 3,240.
- Learning Allowance: A learning allowance of Rs. 600 is provided to facilitate continuous learning and skill development.
- Other Allowances: Additional allowances of Rs. 1,552.50 are also included in the overall salary package.
IBPS PO In-hand Salary
The in-hand salary of IBPS PO is 52,000 to 55,000 with other allowances, special allowances, HRA, and other perks. The IBPS PO Gross Salary is around Rs. 57,000 and after-tax deductions, the net salary will remain at 52,000 to 55,000 INR.
IBPS PO Pay Scale
The basic salary of IBPS PO is 36000/- along with additional allowances and some deductions and the net In-hand IBPS PO Salary 2023 is estimated to be Rs. 52,630/-. Check below the salary of IBPS PO after Bipartite Settlement.
IBPS PO Salary in India after the Bipartite Settlement
The wage revision for bank employees, as part of the 11th bipartite settlement, has been granted approval and is in effect from November 2017. The revised salary will be in effect for the span of 5 years i.e. till 2023 or until revised by IBPS. With the approval of Bipartite Settlement, nearly 8.8 lakh employees have been benefiting. According to Bipartite Settlement, the provision is of timely increment of the pay of the IBPS PO officer.
IBPS PO Allowances and Perks
The Institute of Banking Personnel Selection (IBPS) offers an attractive salary package along with various allowances to Probationary Officers (POs) appointed in participating banks. Here are the details of IBPS PO allowances and perks:-
| IBPS PO Allowances |
| IBPS PO Basic Pay | Rs 36,000/- ( Increment in 4 stages) |
| House Rent Allowances | 7%-9% of the basic pay |
| Dearness Allowance | 23.87% of the Basic Pay (Varies based on inflation rates) |
| City Compensatory Allowance (CCA) | 3% or 4%(depending on the place of posting) |
| Special Allowance | 7.75% of the basic pay |
Get Other Highly Important Essentials for IBPS PO Exam
Also, note that with each level of the hierarchy you pass or get promoted to, your salary will be getting increased as well. So, performing well with intelligence will play a major role and skill set here to get the promotion and growth in your career.
We have covered a detailed guide on the IBPS PO Salary. If you have any queries related to IBPS Exam, feel free to ask us in the comment section below.
Frequently Asked Questions Related To IBPS PO Salary
What is the exact probation time period for the IBPS Probationary Officer Post?
The candidate has to work as the IBPS probationary officer for at least two years in a row.
What is the starting salary range that goes for the IBPS Probationary Officer post?
The candidate will be getting IBPS PO Salary somewhere between 23,700/- Indian Rupees to 42,020/- Indian Rupees at the starting stage of the recruitment.
Can we call the IBPS Probationary Officer job the permanent one?
Yes, you can call the IBPS Probationary Officer job the permanent one. But this shall be applicable only after successfully completing the probation time period of 2 years.
Are there any allowances provided to the candidates when they get hired at the post of the IBPS Probationary Officer?
Yes, there are a lot of allowances provided to the candidates when they get hired at the post of the IBPS Probationary Officer. Read out the complete article to find IBPS PO Salary Allowance details.
In how many years, can the candidate acquire the position of executive director from PO in the bank?
As per the promotional hierarchy in the banks, the candidate will take almost 14 years from the PO post to reach that level.
How much medical aid allowance is paid in IBPS to the candidates in the public sector banks?
The medical aid allowance that is being paid to the IBPS candidates in the public sector banks is approximately 8000/- Indian Rupees per annum. This amount remains fixed by all the banks.
What is the full form of the IBPS PO?
The full form of the IBPS PO is Institute of Banking Personnel Selection Probationary Officer.