In this post I am going to explain you about IBPS Clerk Salary. IBPS Clerk is one of the most popular job in India. Every year lacs of students appear in this very popular exam. Therefore it is important to understand about the salary details of this popular post.
In this post I will give you complete details on IBPS Clerk Salary. I will tell you about basic salary, pay scale, perks, and various other benefits available for IBPS Clerk.
The last salary revision took place on 25.05.2015 (w.e.f November 2012) and the wage revision is going to be due from November 2017. In banks wage revision takes place every five years.
Salary for bank clerk remains similar across all public sector banks. In SBI the salary is high due to additional perks. Otherwise in all public sector banks salary is almost similar. So it does not make much difference whatever bak you get through IBPS.
IBPS Clerk Salary Pay Scale
The pay scale of IBPS Clerk is as under:-
Rs. 11765 – (655×3) – 13730 – (815×3) – 16175 – (980×4) – 20095 – (1145×7) – 28110 – (2120×1) – 30230 – (1310×1) – 31540 (the figures in the brackets indicate the annual increment and the number of stages for which the same is applicable).
Rs. 11765 is the initial basic salary, thereafter basic salary increases every year as per the increments shown in the brackets. There fore the initial Basic Pay of a clerk will be Rs.11765/-
However Rs. 11765 is basic salary, on this basic salary there are various other allowances. The allowances can be described as under:-
In addition to Basic Pay, clerks in banks are eligible for the following allowances :-
Dearness Allowance (DA): Dearness Allowance or DA is the major allowance linked to IBPS Clerk Basic Salary. It is revised every quarter in the months of February, May, August and November. The DA revision takes place based on the CPI as declared by Government of India.
At present the Dearness Allowance rate is 45.60%. Normally DA keeps on increasing every quarter based on CPI but it can also come down.
Therefore on the starting basic of Rs. 11765 the dearness allowance is Rs. 5365
Special Allowance: Special Allowance was not the part of the IBPS Clerk Salary earlier. This has been added in the last wage revision. It is 7.75% of basic salary. Dearness allowance is also payable on it. For Example on the basic salary of Rs. 11765, Special Allowance will be Rs. 912 and DA on it will be Rs. 418
HRA: HRA is House Rent Allowance and it depends on the place of posting and it can be either 10% or 9% or 7.5% depending on the place of posting.
Perks: There are a few perks also for the bank clerk such as Newspaper Allowance, Conveyance Allowance etc. Monetary value of perks is around Rs. 1500 – Rs. 2000 and it varies from bank to bank.
Therefore you can see that the gross salary or emoluments of a Bank Clerk are about Rs. 21000 depending upon place of posting.
There are various other benefits available to a Bank Clerk. Such as Medical Facility, Officiating Allowance, PF, Gratuity, Concessional loans, LFC facility etc. Banks also provide growth opportunities and a clerk can easily become an officer within 3-4 years of joining.