SBI lures CAs, lawyers with hefty pay package

Offers professionals loyalty bonus to retain their services.

State Bank of India (SBI) is recruiting chartered accountants (CAs) at the entry level on contract by offering a salary that is considered hefty by public sector bank standards.

The country's largest bank will also dangle a carrot in the form of loyalty bonus on completing a certain number of years in service to CAs in an attempt to retain them.

The CAs would be placed in departments such as risk management, treasury, accounts and compliance.

During the probation period of six months, CAs will get a lump sum payment of Rs 50,000 a month. After completion of the probation, the salary will increase to Rs 9 lakh a year, which will be split into two components "� 70 per cent fixed pay and 30 per cent variable pay.

The CAs will get bonus on completion of every three years of the total continuous contractual service. The bonus amount depends on performance review and the grade in which the officer is placed in.

"Our experience has been that many professionals leave mid-way even when on contract. We want professionals to remain with us and that is the driving factor behind the decision to offer loyalty bonus," a senior SBI official said.

Bonus will be paid in addition to annual increment and will be over and above the salary package. At the beginning of the fourth year, CAs will get a bonus of Rs 1 lakh, at the onset of the seventh year Rs 1.2 lakh and at the beginning of the tenth year Rs 1.4 lakh.

The direct recruit in the law officer category will get a maximum of Rs 3.5 lakh a year as salary. For them (law stream), the bonus will be paid at the rate of 20 per cent of the total remuneration. This loyalty bonus is in addition to the annual increment.

SBI is in the midst of employing people on contract in specialist categories such as lawyers and CAs as well as customer relations and recovery executives. The bank expects to induct over 10,000 employees in the current financial year.