Today I am going to tell you about the latest IBPS Clerk Salary or Bank Clerk Salary. IBPS recruitment notification for recruitment of clerical vacancies for 2019-20 has already been announced and I am sure that you must have started your preparation for this big exam. In this post I will explain in a very simple language about Latest IBPS Clerk Salary or Bank Clerk Salary. IBPS Clerk and Bank Clerk both are same, since IBPS recruits clerks in Public Sector Banks in India (except SBI) therefore in common language Bank Clerk is often termed as IBPS Clerk.
Now let us understand about the latest IBPS Clerk Salary or Bank Clerk Salary. I will tell you about the pay scale of Bank Clerk, basic salary, dearness allowance, other allowances, gross salary, net salary, perks and other benefits which a Bank Clerk gets.
Latest IBPS Clerk Salary – Salary and Allowances
Pay Scale: A Bank Clerk is in the pay scale of Rs. 11765 – (655×3) – 13730 – (815×3) – 16175 – (980×4) – 20095 – (1145×7) – 28110 – (2120×1) – 30230 – (1310×1) – 31540.
You may not be familiar with the pay scale so I will explain it for you. Pay scale is the break up of Basic salary spread over the years. Rs. 11765 is the starting basic salary and thereafter in brackets the amount of annual increments are given. For example (655×3) means that there will be 3 annual increments of Rs. 655 and after 3 years the basic salary will be Rs. 13730 and so on.
So the starting basic of a Bank Clerk is Rs. 11765
Special Allowance: This allowance was given after 10th wage revision of employees which was due from November 2012. Special allwance is 7.75% of basic salary and dearness allowance is alos applicable on it.
Hence Special Allowance is Rs. 911.79 @ 7.75%
Dearness Allowance: The Dearness allowance is the another important component of a Bank Clerk Salary. It is being revised after every quarter. Currently the Dearness Allowance is 54.10% of the Basic Salary + Special Allowance. Therefore dearness allowance is 54.10% of Rs. 12676.79 (Rs. 11765 + Rs. 911.79) i.e. Rs. 6858.14.
Hence Dearness allowance is Rs. 6858.14
House Rent Allowance: There are 3 slabs in House rent allowance which are 7.5%, 9% and 10%. Maximum 10% is for metro cities and HRA depends on place of posting. For calculation purpose we are taking 10% here.
Hence HRA @ 10% on basic salary of 11765 is Rs. 1176.50
Transport Allowance is Rs. 425 for Bank Clerks.
Now we have discussed about all the components of Bank Clerk Salary. Now let us see all the components together to see what is the Gross Salary of Bank Clerk.
Gross Salary of Bank Clerk
Basic Salary: Rs. 11765
Special Allowance: Rs. 911.79
Dearness allowance: Rs. 6858.14
HRA @ 10%: Rs. 1176.50
Transport Allowance: Rs. 425
Gross Salary: Rs. 21136.43
Net Salary of Bank Clerk: Net salary of Bank Clerk is Gross salary less deductions. The deduction is towards PF which is 10% of Basic Salary i.e. 1176.50 in this calculation. Hence the net salary of a Bank Clerk is Rs. 21136.43 – Rs. 1176.50 = Rs. 19959.93
Annual Package of Bank Clerk: Annual package of a Bank Clerk is Gross Salary x 12 months which comes to Rs. 253637 , hence annual package of a Bank Clerk is about Rs. 2.54 lacs