The IBPS SO Salary 2024 will be declared through an official notification on the website of IBPS. However, a Base pay of Rs. 23,700 is credited to Scale I SO jobs is anticipated. Furthermore, IBPS Specialist Officer pay adjustments will take place after the long-overdue 11th Bipartite Settlement. The IBPS SO Pay Scale is currently 23700-980(7)-30560-1145(2)-32850-1310(7)-42021. Moreover, the salary structure will be in accordance with the 7th Pay Commission. Before applying for the post of IBPS SO, you must check the wage, work description, and opportunities for advancement. The IBPS SO recruitment announcement for 2024 will be released by the Institute of Banking Personnel Selection. Click to Visit the Official Website!
IBPS SO Salary 2024
You must gauge the salary specifics thoroughly in order to avoid any errors. The IBPS SO Salary 2024 will also include an in-hand salary with allowances as an entitlement for all the IBPS SO positions. Apart from that, the salary will be according to the 7th Pay Commission. Moreover, the candidates after selection will have to perform several important duties being an Institute of Banking Personnel Selection’s SO .
IBPS SO In-hand Salary
The Scale I SO positions get entitlement to a base pay of Rs. 23,700. Moreover, the salary revisions for IBPS Specialist Officers will occur following the long-overdue 11th Bipartite Settlement. Currently, 23700-980(7)-30560-1145(2)-32850-1310(7)-42021 is the IBPS SO Pay Scale. You can say that the IBPS SOs make between Rs. 46,000 and Rs. 48000 in gross pay. Moreover, an IBPS Specialist Officer who is newly hired receives an in-hand pay of around INR 42000 to INR 44000 after deductions (such as PF and other deductions).
| Allowances | Values |
| Dearness Allowance | 36% of Basic Salary. |
| Special Allowance | 7.75% of (Basic+DA) |
| HRA | 7.9% |
| City Compensatory Allowance | 0%-4% (Depending on Tier I to Tier III city) |
| PF Contribution | Rs. 3000/- Rs. 3500/- |
IBPS SO Grade Pay
The candidates will be starting at Rs. 23,700, the IBPS SO Pay Scale has increments that move through different tiers. The pay scale is broken down as follows: 23700-980(7)-30560-1145(2)-32850-1310(7)-42021. This indicates a planned increase in compensation over time.
IBPS SO Allowances
As with any government job, there are numerous benefits associated with an IBPS SO’s position. A Specialist Officers salary includes perks that are entitled to be included in the compensation package for employees. A few of them are housing allowances, dearness allowances, pensions, etc. For more information, see the section below.
- Dearness Allowance (DA): This allowance is given out to offset inflation and is updated on a regular basis in accordance with the cost of living index.
- House Rent Allowance (HRA): This amount varies by posting city and is given to pay rental expenses. Whether the posting is in an urban, semi-urban, or rural location will determine the HRA proportion, which can be anything between 8% and 24% of the base pay.
- Medical stipend: To help with medical costs for the Specialist Officers and their family, a set monthly stipend is provided.
- Transport Allowance: This benefit pays for transportation costs and is based on the distance and posting place.
- Allowance for Uniform Maintenance: The department reimburses officers to keep their uniforms up to date and in compliance.
- Generous leave entitlements ensure ample time for relaxation.
IBPS SO Job Responsibilities
The positions of Institute of Banking Personnel Selection Specialist Officer (IBPS SO) cover a wide range of specialized industries, such as marketing, IT, agriculture, law, and HR. Every role has specific obligations. IT officers oversee cybersecurity and software systems at the bank. Agriculture Field Officers assist farmers with technical assistance and loan promotion. Law officers deal with legal issues, monitoring adherence to rules and resolving legal conflicts. HR/Personnel Officers oversee hiring, employee relations, and educational initiatives. Marketing officers create and carry out plans to expand the bank’s clientele and market reach. Each specialist supports the overall expansion and stability of the bank by helping their individual areas run smoothly.
IBPS SO Job Growth
The candidates who will be selected for the post of IBPS Specialist Officers (SO) seem to have a bright future ahead of them. This is all because of the structured advancement opportunities in the banking industry. Moreover, the SO will be first selected as a Scale I Officer, with the possibility of advancement contingent on experience and performance. Scale II (Manager), Scale III (Senior Manager), and higher roles like Chief Manager and General Manager can be attained through career advancement. This advancement can grow by maintaining one’s level of education, earning new certifications, and performing exceptionally in one’s position. Additionally, the variety of specializations enables lateral transitions into other fields of knowledge, expanding professional options. Professionals that are capable and committed can succeed in their careers and advance significantly due to the banking industry’s dynamic character.
Check here for more information-
Hopefully, this information was useful for all the aspiring candidates preparing for the government exams. Check DailyExamNews to stay informed about the latest recruitments, tests, vacancies, and developments regarding government exams.