Dearness Relief for Bank Pensioners from Feb 2024 to July 2024 – IBA ORDER
Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
No.CIR/HR&IR/D/G2/2023-24/8 16
February 7, 2024
Designated Officers of all Member Banks
which are parties to the Bipartite Settlement on Pension
Dear Sir/ Madam,
Dearness Relief payable to Pensioners for the period February 2024 to July 2024
The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the quarter ended December 2023 are as follows:-
| October | 2023 | 9098.22 |
| November | 2023 | 9144.24 |
| December | 2023 | 9124.52 |
The average CPI of the above is 9122.33.
In terms of Regulation 37 of Bank Employees’ Pension Regulations. 1995 Dearness Relief is payable to pensioners at rates specified in Appendix II to the Regulations.
Further, we draw your attention to our circular HR&IR/MBR/G2/0533 dated 16.10.2023, wherein we have communicated about DR neutralization for pre 01.11.2002 retirees and family pensioners. The amount of ex-gratia to be paid, to a group of pensioners, was also mentioned therein.
Pending amendments to Pension Regulations, Banks may pay on ad hoc basis, the Dearness Relief payable to pensioners for the period February 2024 to July 2024 as per Annexure.
Yours faithfully,
Brajeshwar Sharma
Senior Advisor (HR&IR)
Also Read: DA for Bank Employees from Feb 2024 to April 2024 – IBA ORDER
| PART-I | |
| Dearness Relief to pensioners who retired on or after 1st day of January,1986, but before the 1st day of November,1992/1st July, 1993 | |
| Average Index (CPI) for quarter ended December 2023 | 9122.33 |
| No. of Slabs | 2131 |
| Rate of dearness relief on pension for the months pension February 2024 to July 2024 | 1427.77 % of basic |
| (ignore decimals from 3rd place onwards) | |
| PART-II | |
| Dearness Relief to pensioners who retired on or after 1st day of November,1992/1st July, 1993 | |
| Average Index (CPI) for quarter ended December 2023 | 9122.33 |
| No. of Slabs | 1994 |
| Rate of dearness relief on pension for the months pension February 2024 to July 2024 | 697.90% of basic |
| (ignore decimals from 3rd place onwards) | |
| PART-III | |
| Dearness Relief to pensioners who retired on or after 1st day of April,1998. | |
| Average Index (CPI) for quarter ended December 2023 | 9122.33 |
| No. of Slabs | 1860 |
| Rate of dearness relief on pension for the months pension February 2024 to July 2024 | 446.40% of basic |
| (ignore decimals from 3rd place onwards) | |
| PART-IV | |
| Dearness Relief to pensioners who retired on or after 1st day of November, 2002. | |
| Average Index (CPI) for quarter ended December 2023 | 9122.33 |
| No. of Slabs | 1709 |
| Rate of dearness relief on pension for the months pension February 2024 to July 2024 | 307.62% of basic |
| (ignore decimals from 3rd place onwards) | |
| PART-V | |
| Dearness Relief to pensioners who retired on or after 1st day of November, 2007. | |
| Average Index (CPI) for quarter ended December 2023 | 9122.33 |
| No. of Slabs | 1572 |
| Rate of dearness relief on pension for the months pension February 2024 to July 2024 | 235.80 % of basic |
| (ignore decimals from 3rd place onwards) | |
| PART-VI | |
| Dearness Relief to pensioners who retired on or after 1st day of November, 2012. | |
| Average Index (CPI) for quarter ended December 2023 | 9122.33 |
| No. of Slabs | 1171 |
| Rate of dearness relief on pension for the months pension February 2024 to July 2024 | 117.10 % of basic |
| (ignore decimals from 3rd place onwards) | |
| PART-VII | |
| Dearness Relief to pensioners who retired on or after 1st day of November, 2017. | |
| Average Index (CPI) for quarter ended December 2023 | 9122.33 |
| No. of Slabs | 693 |
| Rate of dearness relief on pension for the months pension February 2024to July 2024 | 48.51% of basic |
| (ignore decimals from 3rd place onwards) | |
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