The Institute of Banking and Personnel Selection conducts the IBPS clerk exams each year. The exam is taken in two phases. Candidates have to qualify in the prelims and then, in the Mains, to be shortlisted for the said position.
The IBPS clerk salary structure is one of the main reasons why thousands of aspirants from around the country apply for this examination each year. Once the aspirant passes the exam, they can find employment in one of the country’s several public sector banks.
The IBPS clerk offers an entry-level position in the banking sector. It has the right pay scale to start with, and there are provisions for various promotions. It is good to have a clear idea about the pay structure of a job that can become the first level of a very successful career in the future.
Here is an overview of the IBPS clerk salary package.
Pay Package Structure
● The basic pay of the IBPS clerk salary is INR 11,765. It is the same for regions with a population over as well as under 45 lakhs.
● Then, the package includes a Special Allowance of INR 911.
● Next, employees in all regions get DA worth INR 5311.
● The package also includes a Transport Allowance of INR 425, applicable for all regions.
● The total without HRA thus stands at INR 18,413 for candidates of all regions.
● However, the HRA is different for candidates employed in places with a population over 45 lakhs and the candidates who work in areas where the population does not reach that mark.
● The HRA for places with a population over 45 lakhs is INR 1176.
● The HRA for places with a population under 45 lakhs is INR 19,472.
● The gross amount for candidates employed in places with a population of over 45 lakhs is INR 19,589.
● The gross amount for candidates employed in places with a population under 45 lakhs is INR 19,472.
The IBPS clerk salary also sees regular increments.
● The initial basic pay of INR 11,765 will have a yearly increment of INR 655 for the first three years.
● After that, the basic pay of INR 13,730 has a yearly increment of INR 815 again for the next three consecutive years.
● After that, the basic pay of INR 16,175 will have a yearly increment of INR 980 for the next four years.
● After that, the basic pay of INR 20,095 will have a yearly increment of INR 1145 for the next seven years.
● Then, the basic pay of INR 28,110 will have a yearly increment of INR 2120, for the next year only.
● Next, the basic pay of INR 30,230 will have a yearly increment of 1310 for the next one year.
● Finally, the basic pay will reach INR 31,540, which is the maximum basic pay.
In the meantime, other costs like transportation costs, DA, and additional costs might increase or decrease at the discretion of the authorities heading the banking system. They might remain constant or may increase depending on the government and the economy of the country.
The DA is mostly calculated at 4% of the basic pay, while the Housing Rent Allowance is estimated at 7%. This rate might differ from city to city. As the basic pay increases, the other allowances also increase in relation to it, as the percentage is directly calculated with regard to the basic pay.
The final IBPS clerk salary package is thus a lump sum amount that the employee receives each month. There haven’t been many significant fluctuations in the banking system’s overall salary package in recent years, making it one of the most secure jobs in the country.