Nowadays, many job aspirants seek government employment over private ones, not only because of the high salary but other perks and security. The Indian middle-class society always prefers stability over exploration, and government employment, especially bank jobs, provides all the security with a host of financial benefits. After completing graduation, many aspirants appear in competitive exams to procure a job. The screening process often consists of three steps; prelim, mains, and interview. On the other hand, the hiring process in the private sector is less cumbersome, either a walk-in-interview or directly hiring if the work experience and skill set matches the company’s requirement.
Job security
Job security is a crucial factor of government employment; many aspirants wait for SBI PO notification 2022 to know about the date and centers of the banking exam. In the government sector, employee retention is high, with little possibility of dismissal if not accused of a grave crime. This security is available only in government jobs. Another deciding factor is pay structure; the sixth pay commission recommended a hike in salary. The take-home salary of a government employee with other perks is considerably higher than a private counterpart working in the same designation.
Promotion policy
Promotion is another benefit of bank jobs; there are two available channels for promotion one is based on merit, and the other is a normal course. In the fast track, promotion marks obtained in departmental exam is the criteria; in the normal course, seniority with certain years of experience is the deciding factor. Normally public sector banks adhere to the promotion policy formulated by the Ministry of Finance, Government of India. From promotion from Scale I to Scale III, a minimum of two years of service in the rural branch is mandatory. A total of three years of service in a rural or semi-urban branch makes an employee eligible for the promotion. For fast-track promotion, the employee must score seventy-five percent in the annual performance appraisal.
DA
The offered benefits and perks in bank jobs make it more lucrative. Employees are entitled to retirement benefits, housing, education loan, and dearness allowance. The rate of DA applicable to workmen and officer employees for the month of May, June, and July 2022 is 33.04% of pay. Bank employees are subjected to normal working hours, resulting in less work stress. They are provided with the best time frame to complete the assigned task in the best possible environment. Such conditions are mostly not available in private sector jobs.
Work-life balance
Apart from the economic incentives, bank employee gets respect from customers. Because of their hard work and dedication, they earn the deserved reverence from other sectors of society. Once you pass the exam, you get ample opportunity for growth in the field and get a promotion in the minimum possible time frame. With a high salary and medical insurance paid leave, there is an excellent work-life balance.
Retirement benefit
The retirement benefit is another major advantage for bank employees. SBI PO notification 2022, you will get to know about the salary structure, perks, and other benefits. Provident Fund is one of the major retirement benefits, any PSU bank employee after five years of tenure resigns/retires entitled to receive the sum (own plus bank`s contribution) credited in the PF fund.
