Salary Hike in Banks

Like every other profession, bank jobs also have their increments and salary hikes, on annual basis. Every year, with the revised pay scale for public and private sectors, many industries work up their pay packages that they offer to their employees. Though mainly public sector industries come more acutely under the revised pay scales but private sector also chart out their new scales on an annual or sometimes bi- annual schemes.

The bank jobs offer amazing salary packages to its employees, but with time and experience everyone begins to expect and deserve better remunerations for his or her hard work and hence they are bound to get pay hikes, and added advantages. Bank jobs witness an annual increment every year with the revised pay scale along with many service sector industries such as IT, retail, engineering, FMCG, auto, construction, infrastructure, insurance and many others.

Ever since 2007, which witnessed a remarkable salary hike of 14.5%, this year 2012 will witness a really amazing hike in these service sectors, expectedly 14%, according to The Economic Times. Along with this tempting pay hike, employees are also likely to be rewarded with handsome incentives and added perks and bonus, and even job opportunities are going to increase in these sectors. So on an average note 2012 will be a very bright year for the employees of banking sector.

Besides the annual hike, that the pay commission decides, every person is liable for his or her individual pay hike, which depends purely on his or her performance, and these could be called performance bonus, promotion, or increment. Once you join a bank, your performance will be observed by the authorities, who might be subjected to promotion or demotion which depends totally on you, and hence salaries also fluctuate on the basis of these reviews itself.

In banks, a person basically gets an annual hike, as per decided by the government, but in some private sector banks, performance is considered as a key feature to decide a person’s worth and hence if someone shows his dedication and talent exceptionally even within a time period lesser than a year, than he or she might be considered for a salary hike even before that. So always be attentive towards your own work performance.

Along with salary hikes, certain percentage of raise would be there in the other benefits that an employee draws from his employer bank, for instance the retirement plan that some public sector banks offer. If the salary gets increased by 14% in a year, then the retirement plan would also witness a little raise, as they are incorporated to each other. A salary hike would make a person grow in all aspects, socially, economically, psychologically and even in terms of future stability.

But in order to achieve all this, and be a part of this developing industry, one literally has to work his or her way up towards promotion and growth, where all ends meet for a career oriented individual.

 

Last Updated: 9/28/2012


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