Latest Update on Dearness Relief for Bank Pensioners for the period February 2024 to July 2024

The rates of Dearness Relief for Bank pensioners for the period February 2024 to July 2024 as per Annexure provided below

Dearness Relief for Bank Pensioners for the period February 2024 to July 2024

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)

Rates of Dearness Relief to Bank Pensioners

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 Slabs2131
Rate of dearness relief on pension for the months pension February 2024 to July 20241427.77 % 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 20239122.33
No. of Slabs9122.33
Rate of dearness relief on pension for the months pension February 2024 to July 2024697.90% 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 20239122.33
No. of Slabs1860
Rate of dearness relief on pension for the months pension February 2024 to July 2024446.40% 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 20239122.33
No. of Slabs1709
Rate of dearness relief on pension for the months pension February 2024 to July 2024307.62% 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 20239122.33
No. of Slabs1572
Rate of dearness relief on pension for the months pension February 2024 to July 2024235.80 % 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 20239122.33
No. of Slabs1171
Rate of dearness relief on pension for the months pension February 2024 to July 2024117.10 % of basic
(ignore decimals from 3rd place onwards)
PART- VI
Dearness Relief to pensioners who retired on or after 1st day of November, 2017.
Average Index (CPI) for quarter ended December 20239122.33
No. of Slabs693
Rate of dearness relief on pension for the months pension February 2024 to July 202448.51 % of basic
(ignore decimals from 3rd place onwards)

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