New Delhi: The Indian Banks’ Association (IBA) has in a circular dated 10 June 2024 announced a 15.97 percent hike in Dearness Allowance (DA) of Bank Employees for May-July 2024 period.
In the circular, 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).”
The revised DA is based on the confirmed All India Average Consumer Price Index for Industrial Workers (Base 2016=100) for the quarter ending in 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,” added the circular.