DA hike for bank employees: Dearness allowance from May to July 2024 announced; latest update on 5-day bank work week
Dearness allowance for the bank employees will be 15.97% for May, June and July 2024. In a circular dated June 10, 2024, the Indian Bank's Association (IBA) said, «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).»
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Explaining the rationale behind the latest dearness allowance hike, IBA said, «The confirmed All India Consumer Price Index for Industrial Workers (Base 2016= 100) for the quarter ended March 2024 are as follows:
January 2024 – 138.9
February 2024 – 139.2
March 2024 – 138.9
The average CPI of the above is 139 and accordingly, the number of points over 123.03 is 15.97 (139-123.03) The last average quarterly CPI was 138.76. Hence, there is an increase of 0.24 points for May, June, and July 2024."
Do keep in mind that dearness relief on a pension of the bank employees calculated based on the above-mentioned formula will be paid half-yearly for a rise or fall over 123.03 points in the quarterly average of the
