Bankers DA From Feb 2024: Dearness Relief from February 2024 to July 2024 to Surviving pre 1.1.1986 Bank Retirees

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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

 Bankers DA News: Read Here

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.