SBI announces PO Jobs!

I am normally a right wing guy….and an out and out capitalist. So if somebody came to me and said ‘should i write the PO exam’ I would scoff at them…

Not any more…For those of you who saw the PO Job announced by SBI – 1500 jobs – you will know why.

Details: Age 21 to 30

Educational qualifications that they want: Graduates.

Who will apply: Graduates, Post graduates, CAs, MBAs and of course Engineers.

Why am I so confident? Simply because of the STUNNING* salary on offer. It is better than what many CAs get as a starting salary. In the private sector you run the risk of a finicky, foul mouthed boss. In the public sector, you can complain and ask for a transfer…just forget all that and read on:

EMOLUMENTS:

PAY: The starting basic pay is Rs 16,900/- (with 4 increments) in the scale of Rs 14500-600/7-18700-700/

2-20100-800/7-25700 applicable to Junior Management Grade Scale I. The official will also be eligible for

D.A., H.R.A & C.C.A as per rules in force from time to time. The compensation per annum at Mumbai is Rs.8,00,000/- plus. The break-up of monthly compensation is as under:

Cash Component Rs. 30, 370/-

Bank’s contribution to PF & Pension Scheme Rs. 4,673/-

Housing (Lease Rental) Rs. 29,500/-

Perquisites (Conveyance, Newspapers, Entertainment

allowance, House & Furniture Maintenance etc. Rs. 4,130/-

In addition, the Officers are also entitled to other benefits like –

(i) Medical Aid for self (100%) and for family (75%)

(ii) Home Travel Concession/Leave Fare Concession

(iii) Concessional Interest Rates for Housing/Car/Personal Loans

The salary scales are under revision with effect from November 2012.

Suprisingly the STUNNING* salary offer is a 11% CAGR increase from 1982…I did this post to show what compounding can do. For most middle class Indians Rs. 800,000 sounds like a wow! salary, but if you adjust 1982 GOVERNMENT SALARIES to 11% inflation it does come to Rs. 800,000. Not much, huh? lol

 

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7 Responses to “SBI announces PO Jobs!”

  1. I am surprised, a very different point of view to explain compounding :). Very interesting!

  2. So is it time to SELL SBI 🙂

  3. it worker and engineer on February 9th, 2013 at 6:43 pm

    Hi,

    I am applying for this job. I hope this job is better than, late night works in it industry and also salary is more than what i am getting after 3 years in IT industry.

    Any comments?

    Thanks. Please respond

  4. @it worker IT companies are blood suckers. although don’t expect a typical comfortable govt job in sbi as PO, workload is there , but still its far better than most of IT companies.

  5. it worker and engineer on February 10th, 2013 at 10:13 pm

    Hi,

    I hope, no late night works and weekend works in banking job. Also job security is more than the IT company. At least i can imagine retiring at 58/60.

    Also if i consider salary, even though IT companies give 10% hike per year, Salary starts at 3lacs. So from last 3 years i am stuck with this.

    In this bank job salary starts at 8lac and i hope at least 6% hike per year.

    Thanks.

  6. it worker and engineer on February 10th, 2013 at 10:17 pm

    @GS Thanks for your inputs and comments

  7. SBI Salary is going to increase after 10th bipartite .So the 8L will soon be 10L ……!!

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