SBI PO exam is just a few days away. This is the correct time for aspirants to kick-start their preparation. The question that nags most aspirants now is what will be the SBI PO in-hand salary after 7th pay commission. In this article, we try to throw some light on this topic.
SBI PO online preparation can be of great help to aspirants to boost their scores within the short time span available. Taking SBI PO mock tests will help aspirants to know their level of preparation and can help them to improve their scores. Also, going through the previous year papers of SBI PO will help aspirants to acclimatise themselves with the exam.
SBI PO in-hand salary after 7th pay commission 2018:
Banks follow the bipartite settlements. Therefore, there will be no change in the SBI PO in-hand salary after the 7th pay commission. There will be a revision in the pay structure once the 11th bipartite settlement comes into effect. The 11th bipartite settlement is already due from November 2017.
According to the official notification, the salary of SBI PO varies between 8.2 l.p.a and 13.08 l.p.a depending on the place of posting and some other factors.
The basic pay of a PO is Rs. 23,700. With 4 advance increments that SBI provides, the basic pay will be Rs. 27,620. POs can increase their basic pay by clearing exams such as JAIIB and CAIIB.
Dearness allowance (DA):
SBI revises the dearness allowance every quarter. Approximately, the DA is 46.7% of the basic pay.
HRA stands for housing rent allowance. The HRA provided depends on the place of the posting. GOI has classified the cities into class X, class Y and class Z cities depending on the cost of living. The HRA is 9% of basic pay for class X cities, 8% for class Y and 7% for class Z cities.
POs can also opt for leased accommodation. SBI will deduct the HRA but will pay the rent directly to the landlord. The limit for leased accommodation varies from Rs.8000 per month at villages to Rs. 29,000 per month at Mumbai.
Apart from these allowances, SBI provides a furniture allowance of Rs.1,20,000, 100% medical coverage for the PO and 75% for his family and travelling allowances. One can also claim a petrol allowance close to 1200 rupees per month.
The in-hand salary of SBI PO now is approximately Rs. 42,000 in metros. After the wage revision, one can expect a 15-20% increase in the in-hand salary.
Candidates starting their career as PO can end up as the chairman of the bank in the most optimistic case.
After the probation period, the POs will start their career as a deputy manager or a manager of a small branch. Then, the managers get promoted to chief managers. After becoming a chief manager, candidates get promoted to Assistant General Manager. One can expect to become an AGM within 15 years of joining the bank if he manages to clear all the exam in the first attempt.
Assistant General managers get promoted to Deputy General managers. After becoming a DGM, one gets promoted to Circle General Manager (CGM) and finally to the General manager (GM). As we can see, the career progression of SBI PO is quite steep as compared to other government posts. Also, nearly every chairman of SBI PO so far had started their career as probationary officers.
We hope that this article would have helped to clear the air about the SBI PO in-hand salary after 7th pay commission. Try reading SBI PO expected cut off to know about the changes in the exam pattern and the expected cut off for this year.