Salary & Perks of a Bank Clerk
This article will say everything about the pay structure of a bank clerk and the perks enjoyed by a person designated as a bank clerk.
Basic Pay
Pay Scale: 7200–400/3-8400-500/3-9900-600/4-12300-700/7- 17200-1300/1-18500-800/1-19300
The pay scale given above show cases the basic pay and the increments a clerk can receive. The first term Rs 7200/- is the initial basic pay of a clerk. A clerk can receive 3 increments worth 400/- rupees, followed by 3 increments worth 500/- rupees, four increments worth 600/- rupees increments, seven increments worth 700/- rupees, one increment worth 1300/- rupees and one more increment worth 800/- rupees. After getting all these increments, the basic pay of a clerk reaches the maximum point of their pay scale. Normally, people who have finished their graduation receive 2 increments for the degree. Since the eligibility of clerical cadre is increased to graduation recently, all the new joiners will start with the basic pay of Rupees 8000/-. Clerks will receive one increment for every year of service completed, one increment for completing JAIIB and two increments for completing CAIIB.
Dearness Allowance
This is the component of a clerks salary that hedges (protects) him against ever increasing inflation (general increase in prices resulting in reduced purchasing power of money). Thus, this pay is linked to CPI (consumer price index) based inflation data and is directly proportional to inflation. Thus, it rises when CPI increases and falls when CPI numbers come down. Though, dearness allowance protects bankers against increased prices, that don’t mean bank clerks should prefer high increase in inflation for getting higher DA. This is because DA compensates them only to an extent.
Conveyance Reimbursement & Leave Fare Concession (LFC)
A bank clerk is reimbursed up to 20 litre petrol cost usually but this varies with the each and every bank. They are also reimbursed of travel fares and other out of pocket expenses in the form of LFC. They are eligible for a reimbursement of second class ac ticket in express trains for 4000 km once in four years. This reimbursement can be claimed for all the dependents.
Deputation Allowance
This is given a clerk in case he is asked to report other branches than the one he is posted for. This may be for various reasons like training, surprise visit or due to temporary staff shortage. This will be approximately Rupees 300/- per day other than the reimbursement of travel expenses incurred by him. Though, this amount varies with the cost of living of the place where the clerk was sent to depute.
Other Perks
A clerk is also eligible to receive various other small and regular perks every month. This includes newspaper reimbursement, canteen subsidy and mobile expenses. Though the pay is constant perks vary widely from bank to bank. There are also one time reimbursements like furniture allowance, briefcase allowance, cheaper loans and life insurance policies. In addition to that a clerk is granted two thousand rupees as medical aid once in a year. These once again vary with banks.
Points to Note
The above stated pay and allowances are as per the 9th bipartite settlement between bank unions and management. The 10th bipartite settlement is due from 2012 November and talks are going on for the same. Till the talks are over clerks continue to receive the salary as per the old settlement. The difference between old and new settlement will be given to them as salary arrears.