What are the latest salary and benefits of an SBI PO after the 11th bipartite settlement?

What are the latest salary and benefits of an SBI PO after the 11th bipartite settlement?

By Mrigank Shanker

I joined State Bank of India in Jan 2020 and after around 21 months of service and after getting 1 annual increment and 1 additional increment for JAIIB, my gross salary is( salary slip attached below):

Now, you might find this Gross part slightly inflated. Let me explain the bifurcations.

Basic Pay for a newly joined SBI PO is Rs. 41960/— ( around 6000 more than any other PSB)

DA is revised quarterly as per latest CPI figures. At present(Oct’21) it is around 28% (it is same across all the banks)

Special Area Allowance is something that is given when you are posted at a place which, in the eyes of the bank, is difficult. Please stress on the part ‘in the eyes of the bank’.

You can decide for yourself, if this is ‘difficult’ or not. For me, it has been an amazing experience.

Anyway, let’s not digress and stick to the Salary bit. More about my place of posting in some other post.

So, you should deduct this Special Area Allowance bit to get a more realistic figure.

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Location Allowance in a metro city is Rs. 1400/— (Maximum) and the same at my current place of posting is Rs. 700/— (Minimum)

Learning Allowance ( Rs. 600) is fixed regardless of where you are posted.

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Smart Compensation Package is something where you can monetise all your perks like Petrol, Newspaper, Mobile, etcetera and get everything at once as a lumpsum amount along with your salary. You can also chose to exclude certain allowances like Leave Fare Concession out of the package. So, after exclusion of LFC, I am entitled to Rs. 11,623/— per month. Which means I am eligible to take LFC as it is not included in my SCP.

Special Allowance is fixed at 16.40% of Basic plus applicable DA on it. It comes down to Rs. 7370/— at present. It is completely different from Special Area Allowance (mentioned above).

I am also eligible for Leased Accommodation which ranges from Rs. 8000 (Class C cities) to around Rs. 30,000 ( Mumbai).

I am also eligible for Leave Fare Concession and Home Travel Concession.

Apart from this, in my opinion, the best bit is that we are 100% covered under Medical Reimbursements. No capping whatsoever. You can also include your spouse, your children, as well as your dependent parents in this cover. They are also 100% covered. Earlier, it used to be 75% but it has been upgraded to 100%

Let’s come to deductions part. It will give you a fair idea of how much do we take away as in-hand salary.

There are 3 major heads of deductions:

  1. Provident Fund (10% of Basic) and the same amount is contributed by the employer.
  2. NPS (10% of Basic+DA) and the same amount is contributed by the employer. The employers’ contribution has been hiked to 14% of Basic+DA in 11th Bipartite settlement. But, it is yet to be implemented. Arrears of previous months will be credited accordingly.
  3. Income Tax (It varies person to person. For me, it is somewhere around 4–5k/per month)

Let’s calculate the cost to company (CTC) at my current place of posting : Rs. 85k (Salary) + Rs. 8k (Leased Accommodation) + Rs. 10k (Employer’s contribution in PF and NPS) = Rs. 1,03,000 /per month.

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The CTC will vary depending on the place of posting. For example, if I am posted in Delhi, the salary component will be reduced by around Rs. 5k (special area allowance) but my Leased Accommodation will increase to Rs. 27k. This will take CTC around Rs. 1,20,000/— per month.

And I have not included the medical reimbursements and LFC/HTC in my CTC. If included, it will add a few more thousands to the overall CTC.

I hope I have been elaborate enough.

So, what’s stopping you from giving your best shot at it! Amidst all the negativities, I hope this post acts as an anecdote.