Bank Employees DA Hike : There is good news for bank employees. Dearness Allowance for May, June and July 2024 will be 15.97% for the employees of all public sector banks of the country.
In a circular dated June 10, 2024, the Indian Banks Association (IBA) said that as per clause 13 of the 12th Bipartite Agreement, workmen and office employees will get Dearness Allowance (DA) of 15.97 percent in May, June and July 2024.
This is how DA is calculated for bank employees?
Explaining the rationale behind the new dearness allowances, the IBA said the All-India Consumer Price Index (Base 2016 = 100) for Industrial Labour for the quarter ending March 2024 was as follows.
January 2024 – 138.9
February 2024 – 139.2
March 2024 – 138.9
hike in salary of bank employees
The average CPI is 139 and that is higher than the previous quarter’s average of 123.03. There is a difference of 15.97 points, (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. Public sector bank employees got a salary hike of 17% in March 2024. According to the 9th Joint Note on Pay Revision of Officers, the total quantity of salary revision hike is more than Rs 8,284 crore.
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Bank employees’ salary will increase soon
The salary of officers and employees of public sector banks will increase by 17 percent annually. The Indian Banks Association (IBA) and bank employee organizations agreed on an annual salary hike of 17 percent on Friday, March 8. This decision, which will come into effect from November 2022, will benefit about 8 lakh bank employees. This will put an additional burden of Rs 8,284 crore annually on public sector banks. The IBA revises the annual salary by negotiating with the organizations of bank officers and employees.
