Confused About Bank of India's Salary Scale? Let's Break Down the Gross Salary Calculation

Latest Bank of India announced recruitment.

PAY SCALE, BASIC PAY AS BELOW & OTHER ALLOWANCES AND PERQUISITES AS APPLICABLE:

Present Scale of Basic Pay (in Rs.) – [Revision expected shortly]

JMG Scale I: 10000-470/6-12820-500/3 – 14320 – 560/7 – 18240

MMG Scale II: 13820-500/1 – 14320 – 560/10 – 19920

MMG Scale III: 18240-560/5 – 21040 – 620/2 – 22280

Pls explain how the gross salary will be calculated???

This is similar to the pay scale of government employees. The person preparing the payroll has to refer to the concerned circulars notified from time to time for each DA, ADA, and other allowances applicable to the particular grade of employee.

For example, while preparing the payroll of a new joinee of JMG Scale-I, the calculation would be Basic Rs.10,000 + DA + ADA + OA (if any) - (minus) deductions, etc. The employee is eligible for an increment of basic @ Rs.470/year up to the 6th year of employment, then @ Rs.500/year for 3 years, and @ Rs.560/year for 7 years.

In case a person has been working for more than 8 years in the JMG Scale-I but has been drawing their pay at an old/lower rate, they are now eligible to get this new rate, i.e., basic Rs.14,320/- + DA, ADA, etc., and also the arrears from the effective date of this scale.