PrepLadder has shared this article so that the aspirants could be well- versed with the salary and allowances which are offered to an SBI PO in 2016. As everyone knows, SBI is India’s largest public sector bank. Getting entry in SBI as a PO is everyone’s dream.
Benefits of Joining SBI at the post of Probationary Officer in 2016:
SBI is India’s prestigious bank which offers the following benefits to its employees:
- Brand SBI
- High salary package and allowances
- Provides exposure to employees
- No service Bonds
- Greater opportunities for career growth
- Possibility of working abroad
Also read: Pros and cons of being an SBI-PO
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Pay Scale of SBI-PO in 2016
As per the SBI PO 2016 notification
The starting basic salary of SBI-PO in 2016 is Rs. 27,620/- (with 4 advance increments) in the scale of 23700-980/7-30560-1145/2-32850-1310/7-42020 applicable to Junior Management Grade Scale-I.
In addition to basic pay, the official is also eligible for the following allowances:
- Dearness Allowance(DA): The Dearness Allowance (DA) is a cost of living adjustment allowance paid to Government employees, Public sector employees (PSU)and pensioners in addition to the basic pay. DA in banks is revised on quarterly basis. The new revised current DA (for the month of May 2016, June 2016 and July 2016) is 41.90% of the Basic Pay.
- House Rent Allowance(HRA): HRA is paid by the employer to the employee to meet the expenses associated with the rent of the accomodation which the employee might have to take for their residential purpose. HRA depends on the place of posting and it can be 7%,8% or 9% depending on the place of posting.
- CCA,Medical and other allowances as per the rules and norms in force from time to time.
- The total compensation per annum would vary from a minimum of Rs.7.55 lacs to a maximum of Rs. 12.93 lacs depending on the place of posting and other factors.
Note: SBI plans to offer SMART compenation package which would enable the candidates to monetize specific elements of salary package.
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Does an SBI-PO get Rs. 12 lacs per annum as salary in hand?
This is the most confusing question about SBI-PO salary in 2016. Not the inhand salary, but the total compensation could go upto Rs 12 lacs per annum which includes
- Your basic salary
- Dearness Allowance
- City Compensatory Allowance
- Tax and PPF
- Allowances like Petrol, Newspaper, Entertainment, Tea and Coffee.
- Leased/ rented Accommodation
Salary hike for bank employees in 2017
Yes, you heard it right. The salary of SBI-PO and other bank employees could get a hike as the government has issued notification about the next wage revision talks (11th Bipartite settlement). The revised salary structure for bank jobs will be in effect from November 1, 2017.
Why salary revision for banks again?
This could be a big question in many minds as an agreement was reached in May 2015 leading to 15% hike in salary for bankers.
The hike in May 2015 was a part pof 10th Bipartite Settlement which could have been completed in year 2012 itself. Negotiations between Indian Bankers Association(IBA) and Employee Unions broke down regularly which kept it dragging for nearly 3 years. Finally,the agreement was signed in May 2015.
We hope that after going through this article the SBI-PO 2016 aspirants will have a fair idea about the salary offered to an SBI-PO.
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