Bank vs Government Job – Full Job Comparison

Bank vs Government Job : Both government jobs and private bank jobs have their own set of advantages and disadvantages. It entirely depends on the choice of an individual, which sector he/she wants to step in. However, if you are still confused as to which career path to go for- private bank vs government job read here for in-depth analysis and comparison of the two.

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Bank vs Government Job: Job Security

Government – The most common reason why people opt for jobs in the government sector is the job security it provides for the rest of your life. Govt. jobs are more stable. Employees are fired only if there has been a major issue in their performance or due to unacceptable behavior or involvement in some foul activity. Therefore, people feel a sense of security and are able to plan better for the days to come.

Bank – Although it is a common belief that bank jobs are more secure, this may not be the case always. In fact, a job in a private bank can be a little dicey. These banks do not always guarantee that you will have a job in the next 10 years. Moreover, due to changes in the Indian economy, or due to recession across the globe, many of the private banks may be forced to sack their employees in order to cut their costs.

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Bank vs Government Job: Retirement Policy

Government – If you land up a job in the govt. the sector, you can rest assured that your future is secured once you retire from service. Even after retirement, govt. employees are entitled to receive financial aid in the form of a pension. In addition, the employees are provided with plenty of benefits and allowances, such as medical allowance, house rent allowance, dearness allowance, travel concessions, etc.

Bank – Private Banks do not provide much of the benefits as mentioned above. Therefore, employees need to take care of their finances and plan accordingly for the future. However, private banks do offer gratuity benefits and PFs.

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Bank vs Government Job: Transfer Policy

Government – Government jobs allow the employees to relocate while working with the same organization or bank. Moreover, employees are transferred on rare occasions after a certain period. However, the transfers do not guarantee that you will be posted in metropolitan cities. On some occasions, especially in the banking sector, employees are sent to rural branches.

Bank – Private Banks are more likely to transfer their employees more often. However, one good thing about private bank relocation policy is that employees are usually transferred to big cities since the branches are present across urban regions.

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Bank vs Government Job: Holidays and Leave

Government – Yet another reason why most people desire to join the govt. the sector is the number of holidays and leaves available in a calendar year. The Government of India declares all major festivals as a public holiday. Moreover, if you work in the govt. the sector, you will be eligible for national holidays too.

Bank – The number of holidays in private sector banks is very limited. Employees in this sector usually receive 10-12 holidays in a year.

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Bank vs Government Job: Work-life balance

Government – Government jobs have a fixed working time and schedule. Usually, the govt. employees work for 8-10 hours a day and get weekends off. This leaves them with a decent amount of time to enjoy their life outside the workplace. They are able to strike a balance between life and work, which is very important.

Bank – Contrary to government jobs, private banks work around a strict time schedule. Employees are required to work 12-14 hours a day, depending on the work pressure. Moreover, some private banks operate even on Saturdays, which makes it more tiring for the employees.

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Bank vs Government Job: Promotion and Salary

Government – The salary in the government sector depends on the type of job you are into, and the position you are currently serving. For instance, if you are a senior employee in a govt. bank, then your in-hand salary will be somewhere around Rs.45000. If you are a Central Govt. employee, you can expect a higher salary, along with timely incentives. Moreover, the scope of promotion in govt. the sector depends on the results of internal examinations, and years of experience, etc.

Bank – Private Banks offer a decent salary even in the entry-level position. Eventually, you will be paid more, based on how you perform. You will also receive promotions and timely appraisals. The salary ranges from Rs.25000 to Rs.50000.

Conclusion

These are the basic differences between private bank jobs and govt. jobs. We hope you are able to understand the various aspects of both the sectors and make an informed decision. However, if you have made up your mind of going for government jobs, we suggest you take your competitive exam preparation seriously because cracking the entrance examination will not be easy.