State Bank of India (SBI) Clerk Annual CTC and Perks Post 11th Bipartite Settlement

As of the 11th Bipartite Settlement signed in November 2020 and implemented in subsequent years, the annual Cost to Company (CTC) and perks for a State Bank of India (SBI) clerk can vary based on factors such as the location of posting and specific allowances. This article provides an overview of the typical CTC and the benefits offered to SBI clerks.

Annual CTC for an SBI Clerk

The annual Cost to Company (CTC) for an SBI clerk typically ranges between 3 to 4 lakh INR. This includes several components such as basic salary, dearness allowance (DA), house rent allowance (HRA), special allowance, and other allowances. Here is a breakdown of the typical components included in the CTC:

Basic Salary

The basic salary is set at approximately 19,900 INR as per the current scale. This forms the base income for the SBI clerk.

Dearness Allowance (DA)

The DA is calculated as a percentage of the basic salary, which varies with inflation. This component is intended to maintain the purchasing power of the salary.

House Rent Allowance (HRA)

The HRA can range from 7 to 10% of the basic salary, depending on the city where the employee is posted. This allowance helps the clerk with housing costs.

Special Allowance

A special allowance is added to the basic salary, serving as a bonus for the employee.

Other Allowances

Other allowances such as medical allowances, travel allowances, and transport allowances are also included in the CTC package. These are intended to provide additional support and convenience to the employees.

Perks and Benefits

In addition to the salary, SBI clerks enjoy several perks and benefits:

Medical Insurance

Coverage is provided for the employee and their family, ensuring that medical expenses are covered as necessary.

Leave Travel Allowance (LTA)

This benefit reimburses travel expenses during leaves, allowing employees to travel without financial strain.

Pension Scheme

Clerks are eligible for a pension after retirement, providing a financial safety net.

Employee Provident Fund (EPF)

A contribution towards retirement savings is made through the EPF scheme, ensuring long-term financial security.

Gratuity

A lump sum payment is provided after a minimum period of service, serving as an additional financial benefit.

Loans and Advances

Employees can apply for loans and advances with preferential interest rates, helping them in purchasing homes, vehicles, and other essential needs.

Career Growth Opportunities

Regular promotions and opportunities for further education are available, encouraging professional development and growth within the organization.

Starting Salary and Additional Allowances

The starting salary for an SBI clerk, or junior associate, is typically 19,900 INR as the basic pay, with DA that is revised every quarter. HRA is set at 10.25% of the basic pay, and a transport allowance of 600 INR is provided. Additionally, there are monthly allowances such as conveyance, newspaper, and entertainment.

Special Area Allowances

Certain states may have special area allowances, with varying amounts provided to those posted in these regions. Monthly allowances like conveyance, newspapers, and entertainment are also paid to further support the clerk's needs.

Conclusion

While the exact figures may vary slightly based on specific conditions and changes in policies, this article provides a good overview of the annual CTC and perks for an SBI clerk post the 11th Bipartite Settlement. For the most current and detailed information, it is advisable to refer to official SBI communications or recent notifications.