Government jobs are every person's dream. Among those, the most coveted profession for many aspirants is a banking career. Candidates often get confused when they come to the situation of selecting a job from among these wide options of government jobs. In this article, we will share an in-depth comparison covering all aspects of banking and government jobs.
All government positions and banking jobs have their set of pros and cons. It completely depends on an individual's preference of the sector he or she wants to work in. However, if you are still uncertain about what career route to go for - bank vs. government sector, read here for a detailed review and comparison of both.
It is of utmost importance to have a secured job these days. Job security is one of the primary concerns of workers in any sector. When your job is secured, you will not be stressed out. This is vital for giving your best at the office as well as to be in peace in your personal life.
Though it is common knowledge that bank jobs are more secure, this might not always be the case. A job at a private bank may, in fact, be a little dicey. These banks do not always promise that you will maintain a job over the next 10 years. Also, due to shifts in the Indian economy, or worldwide recession, many of the private banks could be forced to sack their workers to cut their costs. Also check the IBPS Exam Calendar 2021.
One of the most common reasons people choose government-sector employment is the job security it offers for the rest of their lives. Without a doubt, government jobs are steadier. Employees get fired only if their performance has become a major problem or because of unacceptable conduct or due to participation in any foul operation. People, therefore, feel a sense of stability and can plan better for the days ahead.
The savings you have after your retirement and how far it is going to sustain your lifestyle largely depend on the sector in which you are working. So this is another determinant while choosing between bank jobs and Government posts.
Private Banks do not offer any of the many benefits given by government jobs. Employees, therefore, have to take good care of their finances and plan for the long term appropriately. Private Banks do give benefits and PFs for free as well. However, this is not the case with public sector banks where the employees enjoy benefits equivalent to any other government sector job.
When you find a job in the government sector, you can rest assured that once you retire from service, your future will be secured. Even after they retire, government employees are allowed to seek financial support in the form of a pension. Additionally, other benefits and allowances are given to the workers, such as medical insurance, house rent allowance, dearness allowance, travel concessions, and so on.
Depending on the number of branches your office has, you may be transferred quite a few times throughout your service period. Whether you want to move around the country or want a stable and secure permanent location is an important factor to consider while you are choosing your job role.
Private Banks are much more likely to move their workers more frequently. One great thing about such a relocation policy of private banks is that employees are generally moved to big cities because the branches are present in several urban regions.
Government jobs would involve the relocation of workers when they work for the same company or bank. Also, employees are transferred after a given period only on rare occasions. The transfers, however, may not guarantee that you will be placed in metropolitan cities. In some circumstances. Employees are sent to rural branches, especially in the banking sector.
Generally, holidays and leaves are more frequent in public sector jobs than in the private sector. But in banks, irrespective of their ownership, the number of holidays is comparatively less.
The number of private sector bank holidays is very minimal. Staff in this sector generally get 10-12 holidays in a year. Public sector bank holidays are comparatively more but when compared to other government posts, it is still significantly less.
Another important reason that the majority of people want to join the government sector is a large number of usable holidays and leaves per calendar year. All major festivals are declared a public holiday by the Government of India. Plus, if you are working in this sector, you will also be eligible for national holidays as well.
It is very important to have a proper work-life balance so that your personal life is peaceful and not stressed out because of your work.
Private Banks operate on a strict time schedule in comparison to government employment. Depending on the job environment, the workers are expected to work 12-14 hours a day. In fact, some private banks also run on Saturdays, which makes the workers more tired. Even public sector banks have a very hectic schedule but it depends largely on your post. In short, a banking job is way more challenging than any other designation you may hold.
Government employees have a set schedule and fixed working hours. Typically, government employees work 8-10 hours a day and get holidays on weekends. That leaves them with a reasonable amount of time outside the workplace to enjoy their lives. They can strike a very important balance between life and work.
Salary and career growth is a big motivation to aspirants and many candidates apply for the jobs after judging their pay scales.
Even in entry-level positions, private banks offer a decent salary. Subsequently, based on how you perform, you will get paid more. You will also get promotions and appraisals on time. The salary ranges from INR 25,000 through INR 50,000.
The table consists of the salary scale of the most popular entry-level job roles.
|Entry-level Posts in Banking sectors||Basic Salary|
|IBPS PO Post||Rs. 23,700 Basic Pay|
|SBI PO Post||Rs. 27,620 Basic Pay|
|IBPS SO Post||Rs.23,000-Rs. 42,000|
|SBI SO Post||Rs.23,700 Basic Pay|
|SBI Clerk Post||Rs.11,765 Basic Pay|
|IBPS Clerk Post||Rs.11,765 Basic Pay|
|Office assistant||Rs. 7200- 31,500 depending on the officer scale (multi-purpose, I, II, and III)|
|RBI Assistant||Rs. 13150-34990|
|RBI Grade “B” Officers||Rs.67, 933 inclusive of all benefits|
|Indian Bank PO||Rs.23, 700 basic pay|
Go through the relevant links on the Banking salary in the following table:
The pay in the government sector depends on the nature of the job that you are in, and the role you take up. If you are a senior employee in a government bank, for example, your salary in hand is going to be around INR 45,000. If you are a Central Government employee, along with timely benefits, you could expect a higher wage. The promotion spectrum in the government sector relies on internal audit reports and years of experience.
These are the fundamental differences between working for banks and the government sector. It is essential that you understand the various facets of both fields and take an educated decision. Suppose you make up your mind to go for government jobs, it is recommended that you take your competitive examination training seriously because it will not be easy to crack it. You must also keep a keen watch on the recent notice for bank exams to ensure that you do not miss the essential dates of examinations.
With the information you now have regarding bank jobs vs. government jobs, you can decide which job will suit your lifestyle and needs better. Then, you can plan your study preparation accordingly.
*The article might have information for the previous academic years, please refer the official website of the exam.