Union Bank LBO Salary 2024, Check In Hand Salary, Perks and Allowances

Union Bank of India Local Bank Officer Salary 2024: The Union Bank of India (UBI) offers a handsome salary to the selected officers. So, candidates who are interested in competing for the LBO (Local Bank Officer) 2024 exam must know how much they can earn and what benefits they can enjoy after joining the bank. LBOs who will be recruited in different branches of Union Bank will be paid a monthly package including allowances, benefits, and standard deductions. According to the official advertisement, the selected candidates will be in the scale of pay Rs. 48480 – 2000/7 – 62480 – 2340/2 – 67160 – 2680/7 – 85920. Read on to learn all the details about the UBI LBO Salary Structure, Annual Package, In-hand Allowance, Pay Structure, Job Role, etc.

Union Bank LBO Salary 2024 Overview

This year, as per the latest notification released by the Union Bank, a total of 1500 eligible candidates will be recruited. The LBOs will be paid the starting basic monthly pay of Rs 50000. The salary package includes multiple perks and incentives and a good increment structure. Check out some of the important highlights of the Union Bank LBO Salary 2024 from the table below, before delving into more details.

Category	Details
Exam Conducting Body	Union Bank of India
Post Name	Local Bank Officer (LBO)
Vacancy	1500
Salary (Initial)	₹50,000 per month (approximately)
Job Location	Anywhere in India
Basic Pay Scale	₹48,480 – ₹85,920 (with increments based on years of service)
Starting Pay	₹48,480 per month (Initial salary for newly recruited officers)
Increment Structure	₹2,000 increment every year for the first 7 years
Pay After 7 Years	₹62,480 per month (after 7 years of service)
Subsequent Increment	₹2,340 increment every year for the next 2 years (after ₹62,480)
Pay After 9 Years	₹67,160 per month (after 9 years of service)
Further Increment	₹2,680 increment every year for the next 7 years (after ₹67,160)
Final Pay After 16 Years	₹85,920 per month (maximum pay after 16 years of service at the highest point of the pay scale)

Union Bank LBO In Hand Salary 2024

The Union Bank LBO In Hand Salary 2024 can be different for different posting locations. The HRA (House Rent Allowance) depends on the city of posting. On the other hand, the CCA (City Compensatory Allowance) depends upon the location. The Gross earnings in metropolitan cities are approximately ₹50,000 per month. In addition, the employees get:

1. Special Allowance as part of the salary package.
2. Dearness Allowance (DA) is provided to mitigate inflation effects.
3. Additional allowances are given as per the bank policies.
4. Living quarters or lease rent instead of quarters.
5. Leave Fare Concession (LFC).
6. Medical and hospitalization expenses reimbursed.
7. The bank’s policy defines the allowances and benefits.

Therefore, the overall compensation package includes multiple perks and the Metropolitan city employees earn a higher gross salary. Plus, the officers get medical reimbursements under the bank’s regulations. In short, the bank offers various amenities based on posting and its policy.

Union Bank of India Local Bank Officer (LBO) In-Hand Salary 2024:

Years of Service	Basic Pay	Estimated In-Hand Salary	Allowances
Initial	₹48,480	₹50,000 – ₹55,000	HRA, DA, Medical, Local, Fuel
After 7 Years	₹62,480	₹70,000 – ₹75,000	HRA, DA, Medical, Local, Fuel

Union Bank LBO 2024 Salary Structure

A Union Bank of India Local Bank Officer’s salary includes many components such as basic pay, allowances, gross earnings, net salary, deductions, and so on. This salary structure makes sure the selected candidates get a handsome package. The selected candidate’s annual salary ranges between 7 lakh and 9 lakh. Take a look at the table below to go through a simple breakdown of the Union Bank of India Local Bank Officer salary structure:

Particulars	Salary Structure
UBI LBO Pay Scale	Rs 48480 – 2000/7 – 62480 – 2340/2 – 67160 – 2680/7 – 85920
UBI LBO Starting Pay	Rs 50,000 (Approximately)
UBI LBO Starting In Hand Salary	Rs 50,000 per month + admissible allowances

Union Bank LBO 2024 Salary Slip

At the end of each month, after receiving the salary, the LBO will receive the Union Bank LBO 2024 Salary Slip. The pay slip is the record that the bank and the employee keep as proof of monthly earnings. The salary slip encompasses information related to the salary like the base pay, allowances like Dearness Allowance (DA) and House Rent Allowance (HRA), any deductions, etc. In addition, the employee can also use this document as proof of employment and can use it to apply for loans, income tax filing, and various other purposes.

Union Bank LBO 2024 Perks and Allowances

Union Bank LBO 2024 Perks and Allowances are also an attraction for candidates interested in the officer’s post. The basic pay, along with all these other benefits make the post a rewarding job. Under them, LBOs get an array of bonuses and incentives. However, the allowances are different based on area, pay scale, and other factors that are considered by the bank. Check out the table below to learn about various perks and allowances the Union Bank of India offers the Local Bank Officers:

Perk/Allowance	Description
Family Allowance	Financial support provided to cover family-related expenses.
Educational Allowance	Support for educational expenses of children or self.
Local Allowance	A stipend based on the posting location, helps cover local costs.
House Rent Allowance (HRA)	A percentage of the basic pay is given to cover rent costs.
Medical Allowance	Reimbursement for medical expenses.
Fuel Allowance	Provided for fuel expenses if the employee uses a vehicle for work-related purposes.
Dearness Allowance (DA)	An allowance to mitigate the impact of inflation on the cost of living.
Grade Allowance	A specific allowance is based on the officer’s grade in the bank’s pay scale.
Leave Fare Concession (LFC)	Financial assistance for travel expenses during leave.
Tour Allowance	Provided to cover travel expenses during official trips.

Union Bank LBO 2024 Salary Growth

Now we’ll discuss the Union Bank of India Local Bank Officer (LBO) 2024 Salary Growth that is part of the career progression. The newly recruited officers are paid a basic pay of ₹ 48,480/-. Over the 7 years of service, the officers are awarded an increment of ₹2000 increasing the wages to ₹62480 by the 7th year.

After 7 years, the increment progresses to ₹2,340 for each subsequent year increasing the salary to ₹67,160 by the 9th year. So, for the next 7 years, the increment is ₹2,680 per annum which raises the amount to ₹85,920 on the completion of 16 years of service.

There are also benefits like Family Allowance, House Rent Allowance, Medical Allowance, and Dearness Allowance, raising the compensation package. The growth of the salary enables the officers of Union Bank to experience career advancement in the course of their service in Union Bank of India.

Conclusion

There is no doubt about the fact that Union Bank pays its officers very well. They get ₹50,000 per month (approximately), which is a handsome reward. In addition, the timely promotions given can be very rewarding in the coming future. The house rent allowance, medical cover, and travel allowances can curb some of the regular expenses of one’s family. If you are looking forward to this job then you should soon give a free mock test today to assess your preparation or to become aware of the exam pattern, and difficulty. This mock test will also give you the all-India rank which is a critical marker of any aspirant’s success or failure.  

Related Blogs:
Union Bank LBO Vacancy	Union Bank LBO Syllabus
Union Bank LBO Selection Process

Union Bank LBO Salary 2024 FAQs