February 20, 2015

What will be the salary of PO after Wage Revision in Banks?

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What will be the salary of PO after Wage Revision in Banks?

Presently if wage revision (10th Bipartite) settled at 13 % hike the following would be the pay structure of newly joined Probationary Officer (PO) Salary. 

We have considered on the basis of formula which are used in wage settlement process.

Salary of PO after Wage Revision in Banks
Expected Hike
13%
Corresponding  Basic
26241
Current Basic
14500
Current DA % 109.8
15921
Corresponding   Revised DA % (33.1)
8685.63
Current HRA % 6.5
942.5
Corresponding   HRA % (7.345)
1927.37
Current Gross Salary
31364
Corresponding  Gross Salary
36854
Current NPS Contribution
3042.1
Corresponding  Revised NPS Contribution
3492.62
Current Net Salary
28321
Corresponding   Revised Net Salary
33361

The revised basic pay has been derived by merging 60.15 % of DA in to current Basic Pay and then adding your expected hike on the whole amount (Current basic+60.15% of current basic)