Are you looking for a well paid job in the banking sector? How much do you estimate the salary of an OP in the banking sector? You will be surprised to discover that a bank job offers a very good salary, reputation in the company and security in the work, reason why is a very lucrative career option. Probationary Officer (PO) Salary Grants and benefits are a cherry on the cake outside the salary of a PO.
Keep reading and this publication will give you valuable information about the salary of an OP and help you focus on the banking work of your dreams. First, let’s review the basic wage terminology and salary structure of the various public sector banks (PSUs).
Basic Payment Terminology in Banks
Base Salary or Base Salary: The amount the bank pays to an employee, excluding subsidies.
Allocations: these are additional expenses as a percentage of base salary. The most common types of benefits are:
(a) Assignment Allocation (AD): This is a cost-of-living allowance paid to government and public sector employees (PSU). In banks, it is revised quarterly (ie every three months) on the basis of the consumer price index (CPI), which is the decisive factor in inflation. This trimester. As a result, AD is directly proportional to inflation. DA for the quarter of November 2015 to January 2016 is 39.80% of the base salary.
(b) Shelter Grant (HRA): Employees may cover the cost of renting their accommodation. The HRA of a PO bank depends on the display location. It is estimated as 9.0% or 8.0% or 7.0% depending on metropolitan cities, major cities and other places.
(c) Special Subsidy: this allowance is paid beyond basic salary. This is 7.75% of base salary.
(d) City Compensation Benefit (CCA): paid to employees in metropolitan cities.
(e) Transfer allowance: pay for travel. Some banks provide fixed travel allowances, while others allow for reimbursement of fuel bills.
(a) Leased Premises: This service is available on a PO Bank instead of HRA. In some cities, banks provide official bank premises as rented dwellings.
(b) Reimbursement of newspapers: a fixed monthly amount is paid by a newspaper.
(c) Medical care: a fixed annual amount is paid by most banks.
(d) Benefits of the new pension plan: Under this plan, each employee must contribute 10% of the base salary and the D.A. and the bank also makes an equivalent contribution.
Promotions: There is a step by step career progression in each public / public bank (PSU). You can join as PO and climb to CMD level. Many public sector banks have branches abroad. Therefore, a public sector bank (PSU) also gives you the opportunity to work abroad.