/financial-express-hindi/media/media_files/JLi18P72ulccwMBgPbPk.jpg "DA Hike: Dearness allowance of lakhs of bank employees increased, income will increase by this much from May to July 2024")
DA hike for bank employees: There is good news for lakhs of bank employees of the country. The increased rates of their dearness allowance have been announced. Now bank employees will be given dearness allowance at the rate of 15.97 percent for May, June and July 2024. Earlier, the calculation of dearness allowance for bank employees was revised earlier this year. New pay scales have also been created after merging DA for the employees of government banks.
How is dearness allowance calculated
In a circular issued on June 10, 2024, the IBA i.e. Indian Banks’ Association has informed that the rate of dearness allowance for Indian bank employees will be 15.97 per cent for May, June and July 2024. Revealing the calculation of this increase in dearness allowance, the IBA said, “The All India Consumer Price Index (CPI) applicable for Industrial Workers, with base year 2016 (Bass 2016 = 100) during the three months ended March 2024, has been as follows:
In January 2024 = 138.9
In February 2024 = 139.2
In March 2024 = 138.9
The average of the above mentioned Consumer Price Index for the three months from January to March is 139. The average Consumer Price Index of the previous quarter was 123.03, which is 15.97 more than 139. (139-123.03 = 15.97). This is the reason why the rate of dearness allowance has been kept at 15.97 percent for May, June and July 2024. Inflation relief is also given in the pension given to retired bank employees on the basis of this formula. An announcement has also been made to create a new pay scale for the employees of government banks by combining DA and additional load.
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Bank employees’ salary has increased by 17% in March
Earlier in March 2024, the salary of the employees of Public Sector Banks (PSU Banks) was also increased by 17 percent. IBA and bank employees’ organizations (Bank UnionsAs per the agreement between the Government of India and the Bank, this increase will be considered effective from November 2022, which will benefit about 8 lakh employees of government banks. But no order has been issued by the government so far in the matter of five-day working week for bank employees. Bank employees have been demanding a five-day working week for a long time. In March 2024, an agreement was also reached between the Indian Banks Association (IBA) and bank unions in this regard, but government approval on it is still pending. It is also believed that if this proposal of five-day work week is approved, then the working hours will be increased for it.
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