DA hike for bank employees: Dearness allowance for May-July announced! What’s latest update on 5-day working?

financialexpress.com:

DA hike for PSU bank employees: On the very next day of Narendra Modi’s BJP-led NDA government taking charge, public sector bank employees got good news. The dearness allowance (DA) for bank employees has been revised at 15.97% for three months – May to July 2024.  

In a circular on June 10, the Indian Banks’ Association (IBA) announced the DA revision for bank employees.
The circular said, “Dearness allowance payable to workmen and officers for May, June and July 2024 will be 15.97 percent of the salary.”

“In terms of clause 13 of the 12th Bipartite Settlement dated 08.03.2024 and clause 2 (i) of the Joint Note dated 08.03.2024, the rate of Dearness Allowance payable to Workmen and Officer employees for the months of May, June & July 2024 shall be 15.97% of ‘pay’ (0.01 % change in DA on ‘pay’ for change in every second decimal place of CPI 2016 over 123.03 points),” the IBA said in a joint note.

Also read: 7th Pay Commission: It’s confirmed! Gratuity limit for govt staff up 25% in line with DA hike – Details here

The All India Consumer Price Index (Base 2016 = 100) for Industrial Workers for the quarter ending March 2024 is as follows:

January 2024 – 138.9

February 2024 – 139.2

March 2024 – 138.9

The average CPI of the above is 139. Accordingly, the number of points in excess of 123.03 is 15.97 (139-123.03). The previous average quarterly CPI was 138.76. Hence, there is an increase of 0.24 points for May, June and July 2024. The joint note also announced that a new pay scale will be introduced for the employees of public sector banks after the merger of DA and additional load corresponding to 8088 points.

According to the joint note, “With the applicable weightage of 3.22%, the effective weightage on basic pay after