February 23, 2015

What will be the New Salary of PO after Wage Revision of 15 % in Banks?

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What will be the New Salary of PO after Wage or salary Revision of 15 % in Banks?

Today (23-02-2015) Unions in banking sectors and Indian Bank's Association (IBA) agreed on increasing pay slip salary component by 15 Percent.
 
 As wage revision (10th Bipartite settled at 15 % hike. So, following would be the New pay structure of newly joined Probationary Officer (PO) Salary and the officer who are in first year of Probation period. 

Also Read:Second and Fourth Saturday of the Month will be a Holiday

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

New Salary of PO after Wage/salary Revision of 15 % in Banks 

New Salary of PO after Wage Revision in Banks
Present Hike
15%
Corresponding  Basic
23700
Current Basic
14500
Current DA % 109.8
15921
Corresponding   Revised DA % (33.7) + Special Pay
 8606+1837 
Current HRA % 6.5
942.5
Corresponding  HRA % (7.475)
 2133
Current Gross Salary
31364
Corresponding  Gross Salary
 36276

Current NPS Contribution
3042.1
Corresponding  Revised NPS Contribution
 3414.3
Current Net Salary
28321
Corresponding   Revised Net Salary
 32862

Effective from November 2014 and revised will be paid from June 2015 Onwards

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)

Apart from this every second and fourth Saturday of the month will be holiday, and the other Saturdays will be full working days.  

Disclaimer: We have not consider the 2 % Load factor. So, All the outcome of salary Calculation is approximately basis.