All the banking aspirants across India appear for the IBPS clerk exam if they wish to make a career in the public sector. In fact, in 2019-20, a total of 1.45 crore candidates registered for various IBPS examinations. And for the clerical position in specific, the remuneration has always been the centre of attraction.
IBPS Clerk Exam—The Stepping Stone to Success
Being an entry-level position at the PSBs, the opportunity assures job satisfaction and substantial growth. Also, the IBPS clerk pay scale is pretty decent, especially if you are a beginner. In case you are preparing for this exam, its salary structure will help you motivate yourself.
IBPS Clerk Salary Structure for the Year 2020
For the places over 45 lakh population, the structure would be:
- Basic Pay – Rs.11765
- Special Allowance – Rs.911
- DA or Dearness Allowance – Rs.5311
- Transport Allowance – Rs.425
- Total Excluding HRA – Rs.18413
- HRA – Rs.1176
So your gross salary including the HRA would be Rs.19589
However, for places below 45 lakh population, the HRA or House Rent Allowance is Rs.1058, and the rest is the same. In this case, your gross takeaway would be Rs.19472.
A job is worth your dedication, time, and effort only if it guarantees timely increment. The most wonderful part of the IBPS clerk pay scale is its steady yearly raise on the Basic Pay.
IBPS Clerk Current Increment Structure
When the initial Basic Pay is Rs.11765, you will receive an annual increment of Rs.655 for 3 consecutive years.
When your Basic Pay becomes Rs.13730, you will gain a yearly increment of Rs.815 for the next 3 years.
So after 6 years, your Basic Pay is Rs.16175. Now, for the next 4 years, your annual increment rate would remain as Rs.1145.
Next, when your Basic Pay turns Rs.20095, you would be eligible for a yearly hike of Rs.1145 that would stay constant for the next 7 years.
So, after all these years, your Basic Pay is Rs.28110, and for the next 1 year, your increment rate would be Rs.2120.
After a year, your Basic Pay now becomes Rs.30230. So your increment rate for another year would be Rs.1310.
As that one year passes, the total value of your Basic Pay would be Rs.31,540, which is the maximum Basic Pay for the clerical position.
Here’s a look at how the allowances are determined:
- The Dearness Allowance would be 4% of the Basic Pay and may vary in accordance with the CPI or Consumer Price Index that is revised every 3 months.
- The HRA would be 7% to 9% of the Basic Pay and change according to your posting location.
- The Medical Allowance is a fixed amount—Rs.2000 p.a.
- The Special Allowance would be 7.5% of the Basic Pay and would increase duly.
- The Travel Allowance would be reimbursable.
Hopefully, this walkthrough was comprehensive and satisfactory. Remember, with an IBPS clerk pay scale of Rs.19000 – Rs.22000 in-hand in the beginning; you can surely set your goals higher for a long-term and rewarding professional life.