The Dearness allowance to bank employees and dearness relief to bank pensioners is paid under the 11th bipartite settlement between bank unions and IBA (Indian Bank’s Association) signed on 11th November 2020. The settlement is effective from November 1, 2017. The dearness allowance is paid based on the Consumer Price Index (CPI) number published by the Labor Bureau of India.
The Dearness Allowance (DA) for bankers for the period from August 2023 shall be based on CPI(IW) numbers from April 2023 to June 2023. The latest CPI(IW) data with the base year 2016 is as under.
Month AICPIN/CPI(IW)
April 2023 134.20
May 2023 134.70
June 2023 yet to be declared
If CPI(IW) remains at the same level during June 2023 as in May 2023, the DA to bank employees shall be payable for 623 DA slabs as against the existing 596 DA slabs i.e. an increase of 27 DA slabs.
Hence, the Expected DA for bank employees from August 2023 is 43.61%. The existing DA rate for the period of May 2023 to July 2023 is 41.72%. Hence there shall be an increase of 1.89% in dearness allowance for the period from August 2023 to October 2023.
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