15% Hike in Banking Salaries and Holiday on Saturday

In what comes as good news for all Banking aspirants, a 15% increase in salary has been announced. The settlement was reached between the Indian Banks’ Association & the unions. The negotiations have been on since 2012 and the new salary structure will take effect retrospectively from November 2012. Click here to prepare for IBPS PO | SBI PO

Apart from that, the second and the fourth Saturday of each month will be a holiday while the first and third Saturday of each month continue to be working days. The 15% hike is lower than the 17.5% hike that was last given in 2010 but the 17.5% was calculated on overall payout including pension & gratuity while this time the 15% is calculated on the payslip component only. These salary hikes are for public sector banks only and not for private banks.  The exact salaries of PO and clerk will vary but is likely to be approximately in the Rs. 37,000 & Rs. 19,000 range approximately including all allowances (It may vary depending on various other factors).
While this is great news for all in the banking sector and those aspiring for a banking career, what this may also mean is an increase in competition for these jobs. 

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