03 Aug, 2023 09:44 AM

Dearness Relief payable to Bank Pensioners for Aug '23 to Jan '24

Indian Banks’ Association
HR & INDUSTRIAL RELATIONS

No.CIR/HR&IR/D/G2/2023-24/
August 2, 2023

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 August 2023 to January 2024
The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the quarter ended June 2023 are as follows:-

Month	Amount
April 2023	8822.12
May 2023	8854.99
June 2023	8966.74

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. Pending amendments to Pension Regulations, Banks may pay on ad hoc basis, the Dearness Relief payable to pensioners for the period August 2023 to January 2024 as per Annexure.

Yours faithfully,

Brajesh Sharma
Senior Advisor (HR&IR)

Retired on or after 1.11.2017: Average index: 8881 – 6352= 2529= 632 slabs

No of slabs	Rate per Slab @	Percentage of DR payable	DR payable on Basic Pension (Before commutation)
632	0.07	44.24 %	Basic Pension ×44.24 % or basic ×0.4424

Retired on or after 1.11.2012: Average index: 8881 -4440 points (4441/4=1145 slabs)

No of slabs	Rate per Slab @	Percentage of DR payable	DR on Basic Pension (Before commutation)
1145	0.10	114.50%	Basic Pension ×114.50% or Basic ×1.1145

Retired on or after 1.11.2007 up to 31.10.2012: Average index 8881-2836 = 6045 points (1511 slabs)

No of slabs	Rate per Slab	Percentage of DR payable	DR payable on Basic Pension (Before commutation)
1511	0.15	226.65 %	Basic Pension× 226.65 % or Basic Pension× 2.2665

Retired on or after 1.11.2002 and up to 31.10.2007 Average index 8881-2288=6593 points (1648 slabs)

No of slabs	Rate per Slab	Percentage of DR payable	DR on Basic Pension (Before commutation)
1648	0.18	296.68%	Basic Pension× 296.68 % or Basic Pension× 2.9668

Retired on or after 01.04.1998 till 31.10.2002 Average index number8881-1684= (1799 slabs)

Basic pension	DR amount
Up to basic pension 3550@24% per slab	Basic Pension× 431.82%
Basic pension from 3551 to 5650 (2100@ 20% per slab)	15329.61+359.8 % over 3550
Basic pension from 5651 to 6010 (360@ 12% per slab)	22884.80 + 215.88 % over 5650
Basic pension 6011 and above@6% per slab	23661.96 +107.94% over 6010
Note: on @100% neutralization after DFS approval: DA for the entire basic pension @ 431.82% or multiply your entire basic pension@ 4.3182

Retired on or after 1.11.92/1.7.93 up to 31.3.98 Average index 8881-1148=7733 points (1933 slabs)

Basic pension (before commutation)	DR Amount
Up to basic pension 2400 (@ 35% per slab	676.55 % × basic pension
Basic pension from 2401 to 3850 (1450 @29% per slab)	16237.20+560.57 % over 2400
Basic pension from 3851 to 4100 (250@17% per slab)	24365.47 +328.61% over 3850
Basic pension 4101 and above @9% per slab	25187.47+173.97 % over 4100
Note: on @100% neutralization after DFS approval: DA for the entire basic pension @ 676.55% or multiply your entire basic pension@ 6.7655

Retired on or after 1.1.86 and before 1^st November 1992/1^st July 1993 and before 01.11.2002

Average index number8881- 600= 8281 points (2070 slabs)

Basic pension	DR amount on 2070 slabs
Basic pension up to 1250@ 67% per slab	Basic Pension x 1386.90%
Basic pension from 1251 to 2000 (750) @55% per slab	Rs.17336.25 +for the basic pension in excess of Rs.1250 @1128.05%
Basic pension from 2001 to 2130 (130)@33% per slab	25875 +683.10 % for BP over 2000
Basic pension from 2131 above @17% per slab	26763.03 +351.90% for BP over 2130
Note : on @100% neutralization after DFS approval : DA for the entire basic pension @ 1387.06 % or multiply your entire basic pension@ 13.8706