Bankers DA From Feb 2024: Dearness Relief from February 2024 to July 2024 to surviving pre 1.1.1986 Bank Retirees
Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
No.CIR/HR&IR/D/G2/2023-24/0828
February
12, 2024
Designated Officers of all Nationalised
Banks and State Bank of India
Dear
Sir/Madam,
Dearness
Relief payable for the period February 2024 to July 2024 to surviving pre
1.1.1986 retirees of banks (b) surviving spouses of pre 1.1.86 Retirees who are
in receipt of Ex-gratia
As
per the directive contained in the Government of India, Ministry of Finance
Department of Economic Affairs (Banking Division) letter F.No.11/2/2012-IR
dated 17.12.2013, the Dearness Relief payable to surviving pre 1.1.1986
retirees of banks for the period February 2024 to July 2024 on Ex-gratia will
be as under:
|
Applicable CPI Average |
|
Amount of
Ex-gratia per month |
Rate of Dearness Relief |
Amount of
Dearness Relief per month |
Total Ex-gratia
amount including Dearness Relief per month |
|
₹ |
% |
₹ |
₹ |
||
|
9122.33 |
Pre 1.1.86 Retirees |
350 |
1427.77 |
4997.20 |
5347.20 |
|
Surviving spouses of pre 1.1.86
retirees |
175 |
1427.77 |
2498.60 |
2673.60 |
2. However, you may be guided by IBA
circular HR&IR/MBR/743/2022-23/11722 dated February 7, 2023, wherein we
have sent an advisory to Banks, to consider additional ex-gratia payment over
and above the amount being paid as per DFS guidelines so as to ensure that the
surviving pre 1986 retired employee / surviving Spouse of pre 1986 retired
employees get a minimum of Rs.10000/- per month as Ex-gratia.
Yours
faithfully,
Brajeshwar
Sharma
Senior Advisor (HR&IR)
Frequently Asked Question (FAQ)
What is the expected bank DA from February 2024?
As per clause 7 of the 11th Bipartite Settlement dated 11.11.2020 and
clause 3 of the Joint Note dated 11.11.2020, the rate of Dearness Allowance
payable to Workmen and Officer employees for the months of February, March
& April 2024. shall be 48.51% of basic pay and other pay emoluments.
What happens if DA reaches 50 percent?
It is a practice to combine dearness allowance with basic salary once
the DA percentage crosses the 50% mark. It is a great salary booster for
employees as all the other parts of the salary is calculated keeping basic
salary as the base. When DA reaches 50 percent mark, the following allowances
will be increased by 25 percent-
1. House Rent Allowance
(HRA)
2. Children Education
Allowance (CEA)
3. Special Allowance for
Child Care
4. Hostel Subsidy
5. TA on Transfer
(Transportation of Personal Effects)
6. Gratuity Ceiling
7. Dress Allowance
8. Mileage Allowance for
Own Transport
9. Daily Allowance
What is the expected DA for January 2024?
Ans: As per best possible calculation using AICPIN by Labour Bureau, expected
DA for January 2024 is 50 percent. It will benefit around 50 lakh central
government employees and 62 lakh pensioners.
What is the DA percentage for 2024?
The hike in the CPI-IW Index for November results in a 4% increase in DA
from January 2024 for Central Government Employees and Pensioners, With this 4
percent increase, DA will reach to 50% level. The CPI-IW index in the December
month will confirm the exact digit of DA and DR from January 2024.
What is the latest update for DA for central government employees?
Current Rate of DA from July 2023 is 46 percent. Expected Rate of DA from Jan 2024 is 50 percent.
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