Written by AglaSem | New Delhi |
Published: June 3, 2020 9:34:48 am
Here are the details of CTC and take home salaries of IBPS SO employees (Reprsentational/Pixabay)
The banking and finance industry in India is one of the largest providers of employment. Privatised as well as nationalised banks and financial institutions provide lucrative benefits and compensation packages to their employees. Such benefits make employment opportunities in the banking sector extremely attractive, especially for young graduates. Besides the basic pay, employees in managerial and officer grade posts are always entitled to receive lucrative allowances from employers in the banking and finance industry.
The Institute of Banking Personnel Selection (IBPS) as a conducting body of recruitment programmes for privatised banks in India has a provision to recruit graduate candidates to the post of Specialist Officers (SO). Commonly referred to as the IBPS SO exam, this year’s examination is already scheduled and aspirants are looking forward to a promising career in one of the partnering organisations.
Based on the result of IBPS exam, qualifiers of the IBPS SO exam are placed in different cadres of the post at Scale I. The compensation packages pertaining to these cadres, all being at Scale 1 are almost similar. Specialist Officers are entitled to receive a basic pay of Rs 23,700.
In addition to the basic pay, candidates also get several other perks and allowances. For instance, a Specialist Officer is entitled to receive a Dearness Allowance (DA) that is calculated on the basis of the basic pay. At a rate of about 36 per cent, the DA is an entitlement to cover the basic costs of living of the officer and it amounts approximately to a little more than Rs 8,600.
Besides the DA, there are other allowances that these officers are entitled to receive. Similar to the DA, these Specialist Officers also receive allowances for an accommodation known as the House Rent Allowance (HRA). It is provided to the employees of the partnering banking organisations to cover up the expenses for accommodation. The HRA differs, based on the expenses of standardised accommodation in different cities. Specialist Officers, however, receive not less than at least 7 to 8 per cent HRA.
Those officers who are posted in metropolitan cities, where the costs of living are conventionally a little higher than that of non-metro cities, are provided special allowance in the form of City Compensatory Allowance (CCA). The rate of compensation varies and it depends on the city of posting. However, at an average of 3 to 4 per cent of the basic salary, a Specialist Officers’ salary is topped up with such special allowance. Another special allowance to which SOs are entitled to is the Lease Allowance. It also depends on the location of the posting of the concerned officer and is provided by the partnering organisation at a fixed amount per year.
Special allowances are also received in the form of bonuses and incentives that are additional and do not form a part of the compensation package. These are special allowances provided by the partnering bank to reward exemplary performance in the corporate context. Similarly, bonuses are provided as financial incentives especially during festivals.
Given the important role played by Specialist Officers in the administrative functions of respective partnering banking institutions, the basic pay and different allowances combine to a well-deserved in hand salary at the end of the month. Officers, therefore, receive a lucrative gross salary in the range of Rs 40,000 to Rs 42,000. Applicants of IBPS SO 2020 can, therefore, look forward to a take-home salary of Rs 34,000 to Rs 35,000 after their selection.
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