Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
No.CIR/HR&IR/D/G2/2023-24/0828
February 12, 2024
Designated Officers of all Nationalised Banks and State Bank of India
Dear Sir/Madam,
As per the directive contained in the Government of India, Ministry of Finance Department of Economic Affairs (Banking Division) letter F.No.11/2/2012-IR dated 17.12.2013, the Dearness Relief payable to surviving pre 1.1.1986 retirees of banks for the period February 2024 to July 2024 on Ex-gratia will be as under :
Applicable CPI Average | Amount of Ex-gratia per month | Rate of Dearness Relief | Amount of Dearness Relief per month | Total Ex-gratia amount including Dearness Relief per month | |
% | |||||
9122.33 | Pre 1.1.86 Retirees | 350 | 1427.77 | 4997.20 | 5347.20 |
Surviving spouses of pre 1.1.86 retirees | 175 | 1427.77 | 2498.60 | 2673.60 |
2. However, you may be guided by IBA circular HR&IR/MBR/743/2022-23/11722 dated February 7, 2023, wherein we have sent an advisory to Banks, to consider additional ex-gratia payment over and above the amount being paid as per DFS guidelines so as to ensure that the surviving pre 1986 retired employee / surviving Spouse of pre 1986 retired employees get a minimum of Rs.10000/- per month as Ex-gratia.
Yours faithfully,
Brajeshwar Sharma
Senior Advisor (HR&IR)
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