javascript:void(0) Expected Salary Bank PO and Clerk : Bank Wage Revision Likely in 2014 ~ Bank Exams

Expected Salary Bank PO and Clerk : Bank Wage Revision Likely in 2014

Expected Salary of Bank Employees, Bank PO and Clerk after Wage Revision in 2014: Bank recruitment season is on full swing as recruitment of IBPS PO and Clerks are in its final stages, SBI is also likely to announce its recruitment exercise of 2014 shortly, further as per the recent statement of the Finance Minister, Banks are likely to recruit 55000 personnel this year.
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Therefore for the benefit of our thousands of visitors we are going to tell you about the expected increase in the salary of Bank PO and Clerks after the current wage revision, which is under process and will be effective from 01.11.2012.
Expected increase in the salary of Bank Probationary Officer: First of all let us look at the following table to understand the movement of basic pay of Bank Probationary Officer in last three wage revisions:
Bank PO
Basic Pay 1997
Basic Pay 2002
Basic Pay 2007
Expected Basic Pay 2012
Basic Salary
7100.00
10000.00
14500.00
23000.00
% Increase

41%
45%
58%
Net Increase

2900.00
4500.00
8500.00

We can see that the increase in the basic salary of Bank PO in the last two wage revisions was 41% and 45% respectively. If we look at the last wage revision which was effective from 01.11.2007, we can see that there was 45% increase in the basic however the overall growth in the salary as on the date of wage revision (which was on 27.04.2010) was 17.50%. Going by the previous track record we can expect increase of 55-60% in the basic salary and we may expect the new Bank PO Basic to be around Rs. 23000 and the overall growth may be in the range of 18%. Which you can understand by the example given below:
Present Salary (Basic + DA) = Rs. 14500 + 13920 = Rs. 28420
Expected Salary (Basic + DA) = Rs. 23000 + 10500 = Rs. 33500 (+ 18.00%)
Remark: Based on the Assumption that the Wage Settlement will be finalized by June 2014.
Expected increase in the salary of Bank Clerk: Similarly, let us look at the following table to understand the movement of basic pay of Bank Clerk in last three wage revisions:

Bank Clerk
Basic Pay 1997
Basic Pay 2002
Basic Pay 2007
Expected Basic Pay 2012
Basic Salary
3020.00
4410.00
7200.00
12500.00
% Increase

46%
63%
73%
Net Increase

1390.00
2790.00
5300.00

We can see that the increase in the basic salary of Bank Clerk in the last two wage revisions was 46% and 63% respectively. If we look at the last wage revision which was effective from 01.11.2007, we can see that there was 63% increase in the basic however the overall growth in the salary as on the date of wage revision which was on 27.04.2010 was 32% (Basic + DA)
Going by the previous track record we can expect increase of about 70-75% in the basic salary and we may expect the new Bank Clerk Basic to be around Rs. 12500 and the overall growth may be in the range of 30%. Which you can understand by the example given below:
As on 01.01.2014
Present Salary (Basic + DA) = Rs. 7200 + 6912 = Rs. 14112
Expected Salary (Basic + DA) = Rs. 12500 + 5700 = Rs. 18200 (+ 30.00%)
Remark: Based on the Assumption that the Wage Settlement will be finalized by June 2014.
Clarifications:  The salary growth of the Bank Clerks  appear quite high  when we look in percentage terms, however since the basic salary of Bank Clerk is not high hence in Rupee terms the growth may not be that much.
Remark: This calculation is based on approximate values and is based on the trends of past wage revisions. We have tried to explain the expected wage revision based on the earlier wage revisions of Bank Employees. The final wage revision may be more or less then what we have explained here and will be finalized by the IBA shortly.

Present Status of Wage Revision: The negotiation for the wage revision is going on between Bank Unions and IBA and is expected to be finalized shortly.  IBA has initially offered only 5.00% however in the last meeting on 17.01.2014 the IBA has increased the offer to 9.50%. The talks are on and it seems that final wage revision may be in the range of 18-20% and the expected growth in the salary of Bank PO and Clerk may be on the lines, as explained above. 
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