Education and Career Forum

i want to know if there is some allowances are applicable with the first year salary of 12000 Rs in idbi bank on contract job.

Hi ,

Basically for all those who are employed on the contract base in IDBI bank have a different paying mechanism. It is not similar to the regular employess of IDBI. Let me tell you how . For contract based employees a consolidated remuneration per month in the first year, second year and third year of service will be paid.

These executives shall not be entitled to draw any allowances such as DA, HRA, etc
During the contractual period. The contract based employees are not at all entitled for any gratuity, provident fund or pension benefit. Even the period of service would not be counted for any superannuation benefits.

In case if you continue for three years as acontract based employee, at the end they take as a regular employee and entitle you to all the allowances.

Hope this is helpful to you.

Vega Sridhar

Hi ,

Basically for all those who are employed on the contract base in IDBI bank have a different paying mechanism. It is not similar to the regular employess of IDBI. Let me tell you how . For contract based employees a consolidated remuneration per month in the first year, second year and third year of service will be paid.

These executives shall not be entitled to draw any allowances such as DA, HRA, etc
During the contractual period. The contract based employees are not at all entitled for any gratuity, provident fund or pension benefit. Even the period of service would not be counted for any superannuation benefits.

In case if you continue for three years as acontract based employee, at the end they take as a regular employee and entitle you to all the allowances.

Hope this is helpful to you.

Vega Sridhar