IIFCL Assistant Manager Salary 2024, Job Profile, Pay Scale

IIFCL Grade A Salary 2024

The IIFCL Assistant Manager exam is a recruitment examination of the India Infrastructure Finance Company Limited (IIFCL). IIFCL is an institution owned and governed by the government through its shareholding. It operates in financing long-term infrastructure finance projects within India. With regard to the role assigned to the Assistant Manager post, that of an assistant manager is a prestigious responsibility at IIFCL- one charged with project funding, the implementation of specific policies and other financial practices towards improving the country's infrastructure development. This examination is quite attractive for aspirants because it gives the chance to work in an esteemed organization that is highly crucial in the economic development of India.

Among the major reasons for this huge demand for IIFCL Assistant Manager, stability and prestige associated with the job are considered very significant. A career in IIFCL offers a chance to contribute to huge infrastructure projects that are quite vital for the progress of the nation. This role allows one to work in a professional environment with exposure to high-value financial projects. The selection process is rigorous enough to ensure that only the most deserving candidates are selected, which adds to the exclusivity and appeal of the job. In addition, since it is a government-owned organization, IIFCL offers employees a secure job and a platform to grow professionally.

Beyond job security and professional exposure, there are many advantages to working as an Assistant Manager in IIFCL. Perks and allowances form an essential part of this role with a well-structured compensation package, especially designed for employees and their families. Benefits range from housing allowance to medical coverage and retirement benefits. The work-life balance in IIFCL is another major attraction, as the organization offers a supportive environment with reasonable work hours compared to private sector jobs. These factors make the IIFCL Assistant Manager position a well-rounded career option for individuals seeking stability and professional fulfillment.

One of the biggest reasons why the IIFCL Assistant Manager position is highly attractive is the IIFCL Assistant Manager salary and compensation package it offers. The IIFCL Assistant Manager salary structure is highly competitive and includes numerous allowances apart from the basic pay. Total earnings are far higher with perks such as dearness allowance, house rent allowance, and more. Such a high IIFCL Grade A salary package not only guarantees financial security but also makes employees live life comfortably. Many aspirants are motivated to appear for the exam solely because of the salary package. It also gives the sense of economic independence as people are able to save their income for the future. While combining this financial benefit and the job stability and prestige involved, the IIFCL Assistant Manager is a kind of dream job for almost every aspirant.

Government jobs have a high popularity rate in India for some time now. This is true especially among Indian youth. One of the most important reasons for this popularity is the high salary that they offer along with additional benefits. Keeping this in mind, let’s talk more about the IIFCL Grade A salary.

If you are one of those people who are eager for the IIFCL Grade A Notification 2024, you should know that while waiting for the 2024 recruitment drive to begin, you can brush up on the basic of the last notification to get an insight into what will await you. The IIFCL Grade A Exam is an important milestone that aspirants to this opportunity need to know. The notification will provide a lot of details about the exam including the IIFCL Grade A Exam Pattern and Syllabus and other information like the IIFCL Exam Date and Eligibility Criteria to name just a few.

IIFCL Grade A Salary

IIFCL Assistant Manager Salary is also one of the most attracting features to get this job, it has a reward pay structure along with some other attractive benefits. Grade A Position The position belongs to the Grade A level, candidates are offered an initial basic pay of Rs. 44,500 per month. The pay scale for the job is as follows: Rs. 44,500 - 2500 (4) - 54,500 - 2850 (7) - 74,450 - EB - 2850 (4) - 85,850 - 3300 (1) - 89,150. This means that the basic pay increases with increments after a fixed period. Over 17 years, the salary progresses steadily, ensuring financial growth and security for employees.

In addition to the basic pay, IIFCL Grade A comes with several allowances, such as Dearness Allowance (DA), House Rent Allowance (HRA), Family Allowance, Special Allowance, and Local Allowance. In case the employee does not avail of the leased accommodation facility offered by IIFCL, he or she is eligible for 15% of the basic pay as HRA. All these allowances increase the monthly remuneration to a great extent, making the IIFCL Assistant Manager salary highly competitive in the financial sector.

The salary structure is supplemented by a number of perquisites and benefits. Employees are entitled to facilities such as medical reimbursement, leave fare concession, leave encashment, and a meal card. Other perks include mobile reimbursements, newspaper allowance, and reimbursement of items such as eye refraction, books, and household expenses. Other benefits include children's education allowances, loans for housing and vehicles at concessional rates, festival advances, and a furnishing allowance. These benefits complement a balanced compensation package for Assistant Managers.

The IIFCL Assistant Manager salary also avails future growth provisions. Those having extra qualifications either in JAIIB and CAIIB are even allowed to get one, two additional increments, besides their basic pay. But, for some exceptional merit, the IIFCL management provides further increments by considering that employee. Employees with better qualifications or extra performance have been rewarded under this approach. That is why their IIFCL Grade A salary looks more attractive.

In terms of total compensation, the cost-to-company (CTC) for an IIFCL Assistant Manager (Grade A) is approximately Rs. 19 lakhs per year. This figure includes the basic pay, allowances, and various perks offered to employees. The IIFCL Grade A salary ensures financial stability while also providing employees with opportunities to maintain a comfortable lifestyle and plan for the future.

Lastly, the selected candidates are covered by the New Pension Scheme. This guarantees them a proper financial future after retirement. The job of an assistant manager is highly desirable due to a stable, fulfilling career and the benefit structure in terms of pay provided by the IIFCL.

If you want more information on the IIFCL Assistant Manager salary for this year, take a look at the table below.

Please Note:

Candidates who possess JAIIB/CAIIB/Professional Qualification may be given additional one/two increments in the pay scale given above as per IIFCL’s policy.

In the case of deserving candidates also, the management may grant further increments (maximum two) in the scale of pay fixed for this Grade.

Perks and Allowance Provided in IIFCL Grade A Salary

IIFCL Grade A Salary provides a large number of perks and allowances, hence the job turns out to be very rewarding. Some of the benefits are included as listed below:

• Leased accommodation facility (in lieu of HRA) : Employees can choose to reside in the leased accommodation facility offered by IIFCL. If this facility is not taken, they are entitled to a House Rent Allowance (HRA) amounting to 15% of their basic pay. This ensures that employees have a good place to live.
• Gratuity : As part of IIFCL Assistant Manager compensation, gratuity is granted as a lump sum, payable at retirement or resignation, after completing a definite period of service. That's another source of long-term financial security.
• Leave Fare Concession : Employees are eligible for leave fare concession, wherein leave fare is reimbursed in case of sanctioned leave. It motivates employees to take leave while keeping personal expenses low.
• Leave Encashment : Employees under the IIFCL Grade A salary structure can encash unused leaves as per company policies. This ensures employees do not lose out on unused leave benefits, contributing to additional income.
• Reimbursement of Medical Expenses : The IIFCL Assistant Manager salary includes reimbursement of medical expenses for the employee and their family. This ensures that healthcare costs are covered, reducing financial burdens in times of need.
• Conveyance Facility : Employees are offered a conveyance facility or reimbursement of travel expenses regarding official duties. This ensures that employees can travel to work-related purposes without additional personal expense.
• Mobile, Residential, Telephone, Newspaper, Household Expenses : The IIFCL Grade A offers reimbursements of mobile handset charges, residential telephone bills, newspaper subscriptions, and household expenses. All these reimbursements ensure smooth day-to-day operations for employees.
• Mobile Handset Charges : The IIFCL Assistant Manager salary includes reimbursement of mobile handset purchase. In this way, the employee is kept up-to-date with communication tools that will be required to perform the job.
• Allowance for Children's Education : Allowance for children's education is another important component of the IIFCL Grade A salary. The benefit allows an employee to manage school or college fees for his child, relieving him from the financial burden of educational expenses.

These perks and allowances along with a gross salary make the IIFCL Assistant Manager salary well-rounded. It provides sound financial security, work-life balance, and extra aids for personal and professional developments.

IIFCL Assistant Manager Probation

The probation appointed candidates for the period of 2 years which may be increased up to 4 years at its discretion by the IIFCL. It is specifically mentioned that for the said period, candidate may posted or transferred or sent and assigned in whole of the India at any Office, Branch or department of subsidiaries of the IIFCL depending upon need of the organization the terms of such posting and transfer made by the IIFCL. Hence, applicants should apply only if they are willing to work anywhere in India.

Note:

All updates or notices regarding this recruitment will be made available on the IIFCL website. If you are interested in applying for the position, you need to constantly check the website for more details.

Conclusion

The salary is an important factor of concern for aspirants of any job across any sector. If you are applying for a job, not just for this IIFCL Grade A position, but for any sector, you need to understand the salary details better. Regarding this position, as you go up the ladder in this position, you can only expect your salary to increase significantly over time. So as not to miss this opportunity, prepare for the IIFCL Assistant Manager (Grade A) exam 2024, with our exclusive IIFCL Online Course for Assistant Manager and our invaluable IIFCL Assistant Manager Free Mock Tests to ensure top-class preparation and confidence for success in your IIFCL AM examination endeavours.