Dearness Allowance Update for Bank Staff: DA increased by 1.23 Points to 17.20% for August, September, and October 2024

Indian bank Association has issued a Circular on Dearness Allowance Update for Bank Staff for August, September, and October 2024.

As per this circular DA increased by 1.23 Points and the rate of DA shall be 17.20% of Pay for the above three months.

Dearness Allowance Update Circular for August, September, and October 2024

Indian Banks’ Association

HR & Industrial Relations

No.CIR/HR&IR/76/D/2024-25/1318
August 7, 2024

All Members of the Association
(Designated Officers)

Dear Sir/ Madam,

Dearness Allowance for Workmen and Officer Employees in banks for the months of August, September and October 2024 under XII BPS/ 9TH Joint Note dated 08.03.2024

The confirmed All India Average Consumer Price Index for Industrial Workers (Base 2016 =100) for the quarter ended June 2024 are as follows:-

April 2024 – 139.4
May 2024 – 139.9
June 2024 – 141.4

DA increased by 1.23 Points to 17.20%

The average CPI of the above is 140.23 and accordingly the number of points over 123.03 are 17.20 (140.23 – 123.03). The last average quarterly CPI was 139. Hence, there is an increase of 1.23 points for August, September & October 2024.

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 August, September & October 2024 shall be 17.20% of ‘pay’ (0.01% change in DA on ‘pay’ for change in every second decimal place of CPI 2016 over 123.03 points)

Yours faithfully,

Brajeshwar Sharma
Senior Advisor (HR&IR)

View the IBA Circular pdf