12th BPS Salary Calculator
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What is the Salary of 12th BPS?
Before we dive into the details of the salary calculator, let's first understand what the salary of 12th BPS means. The 12th Bipartite Settlement is a crucial agreement between bank employee unions and the Indian Banks' Association (IBA). It determines the revision and structure of salaries for bank employees.
The salary of 12th BPS varies based on a range of factors such as job position, experience, and location. To get an accurate estimate of your salary, it is essential to use a reliable salary calculator. Let's explore how you can calculate your salary using a 12th BPS salary calculator.
How Much Salary Will Increase After 12th Bipartite Settlement 2023?
One of the burning questions among bank employees is how much their salaries will increase after the 12th Bipartite Settlement in 2023. The long awaited percentage increment has been finalised now to 17% hike in payslip. The settlement aims to offer fair compensation to bank employees for their contributions and to keep up with inflation and rising living costs.
For an accurate estimate of how much your salary will increase, you can use the 12th BPS salary calculator. This calculator takes into account the proposed increments and helps you determine your future salary.
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| 12th BPS Salary Calculator |
Key Points To Note After 12th Bipartite Settlement Approved By Government
So, post long pending MOU for 12th Bipartite Settlement which was pending from 1st Nov 2022 has been signed now and it's complete implementation will take 180 days as demanded by govt.
However the last/ 11th Bipartite settlement was implemented in 90 days itself. It is also expected that the new salary to Bank employees will be processed from May 2024 onwards and arrears calculation and its process may take up to 180 for completing the process.
The Main Points To Note Here Are-
- 17% increase in payslip (Overall increment)
- Load factor of 3%
- Pension Benefit: Ex-Gratia payment
- 5 Days woking for Banks
- All women employees can opt a day sick leave in a month without producing any medical certificate
- Stagnation increment which is given after 20 years of services which was 9 increment has been changed to 11 increment and it will be given in every 2 years.
- This Settlement is done for next 5 years.
- Designations of bank officials also has been changed as Clerck - Customer Services Associate, Head Cashier - Sr. Customer Services Associate, Peon - Office Assistant, Special Assistant - Special Customer Services Associate.
How to Calculate Basic Salary?
- Basic (25000) + DA (7000) = 32000
- 32000 * 3% = 960 (Load Factor).
- 32000 + 960 = 32960 is your new Basic Pay.
How to Calculate Monthly Salary?
- Calculate your basic salary using the method explained earlier.
- Add any applicable allowances to your basic salary.
- Subtract any deductions from the sum of your basic salary and allowances.
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Conclusion
FAQ
How does the 12th BPS calculator factor in Dearness Allowance (DA)
The 12th BPS calculator should use the merged pay concept. This merged pay combines the basic pay with a pre-determined Dearness Allowance (DA), typically representing the average DA for a specific period. The calculator should use this merged pay figure as the base for most allowance calculations, not the basic pay itself.
Can the 12th BPS calculator provide an exact figure for my net salary?
The 12th BPS calculator can provide a close estimate of your net salary, but it might not be the exact figure you receive on your payslip. This is because several factors can affect your net salary beyond the basic structure outlined in the 12th BPS. These factors might include: * **Taxes:** Income tax, cess, and other deductions will be applied to your gross salary based on your tax bracket. * **Additional Allowances:** Some banks might offer additional allowances beyond those considered in the basic 12th BPS structure. These can vary depending on the bank and your specific role. * **Deductions:** You might have voluntary deductions from your salary, such as contributions to a provident fund or health insurance.
Where can I find the most reliable information for using the 12th BPS calculator?
For the most accurate information on how the 12th BPS applies to your salary, it's best to refer to: * **Official Bank Documents:** Your bank might have published documents or resources outlining their salary structure based on the 12th BPS. This will detail the specific allowances, calculations, and any variations from the base structure. * **Bank HR Department:** They can provide the most up-to-date and specific details on how the 12th BPS is implemented within your bank and how it affects your individual salary.