March 16, 2015

Indian Bank PO Salary after Wage or Salary Revision-Bipartite settlement

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

As wage revision (10th Bipartite Settlement) 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 in Indian Bank

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 Indian Bank :

New Salary of PO after Wage Revision in Indian Bank
Present Hike
15%
Corresponding  Basic
26705
Current Basic
14500
Current DA % 109.8
15921
Corresponding   Revised DA % (33.1)
8839.36
Current HRA % 6.5
942.5
Corresponding  HRA % (7.475)
1996.2
Current Gross Salary
31364
Corresponding  Gross Salary
37541
Current NPS Contribution
3042.1
Corresponding  Revised NPS Contribution
3554.44
Current Net Salary
28321
Corresponding   Revised Net Salary
33986

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)

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