DA, DR hike of Bank Pensioners from Feb’24 to July’24

The AICPIN – IW (All-India Consumer Price Index Number – Industrial Workers) for December 2023 has been released on 31.01.2024, the last working day of January month, by Labour Bureau, under Ministry of Labour and Employment.

Based on the AICPIN of October, November and December 2023, Dearness Relief (DR) hike from Feb’24 to July’24 are calculated. IBA has also declared the DR hike circular for Bank Pensioners on 07.02.24.

हिंदी में पढ़े: 1 फरवरी 2024 से महंगाई राहत (DR) बैंक पेंशनरों के लिए

Major Contents in the Post: (Jump to the Section)

1. DR payable to Bank Pensioners from Feb’24 to July’24
2. DR payable to Bank Pensioners for period Aug’23 to Jan’24
3. Slab Calculation or formula of DR payable to Bank Pensioners
4. DR for Bank Pensioners retired on or after 01.11.2017
5. DR for Bank Pensioners retired between 01.11.2012 to 31.10.2017
6. DR for Bank Pensioners retired between 01.11.2007 to 31.10.2012
7. DR for Bank Pensioners retired between 01.11.2002 to 31.10.2007
8. DR for Bank Pensioners retired between 01.04.1998 to 31.10.2002
9. DR for Bank Pensioners retired between 01.11.1992 / 01.07.1993 to 31.03.1998
10. DR for Bank Pensioners retired between 01.01.1986 to 31.10.1992 / 30.06.1993
11. DR for Bank Pensioners, who has survived pre-01.01.1986 retirees of banks

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DR hike of Bank Pensioners for duration from February 2024 to July 2024:

DR slab and rate of Dearness Relief for Bank Pensioners are shown below for all kinds of retirement date range, for the period from February 2024 to July 2024. Based on the AICPIN-IW of October, November and December 2023, the slab and DR are calculated.

Bank pensioners’ DR rate hike payable from Feb 2024 to July 2024 by IBA

1. DR rate for the period Feb 2024 to July 2024 of bank pensioners will increase to 48.51%, hike of 4.27%, who retired after 01.11.2017.
2. DR rate for the period Feb 2024 to July 2024 of bank pensioners will increase to 117.10%, hike of 6.10%, who retired between 01.11.2012 to 31.12.2017.
3. DR rate for the period Feb 2024 to July 2024 of bank pensioners will increase to 235.80%, hike of 9.15%, who retired between 01.11.2007 to 31.12.2012.
4. DR rate for the period Feb 2024 to July 2024 of bank pensioners will increase to 307.62%, hike of 10.98%, who retired between 01.11.2002 to 31.12.2007.
5. DR rate for the period Feb 2024 to July 2024 of bank pensioners will be hiked to 446.40%, hike of 14.64%, who retired between 01.11.1998 to 31.12.2002.
6. DR rate for the period Feb 2024 to July 2024 of bank pensioners will be hiked to 697.90%, hike of 21.35%, who retired between 01.11.1992 / 01.07.1993 to 31.03.1998.
7. DR rate for the period Feb 2024 to July 2024 of bank pensioners will be hiked to 1427.77%, hike of 40.87%, who retired between 01.01.1986 to 31.10.1992 / 30.06.1993.

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Dearness Relief, DR of Bank Pensioners for period Feb 2024 to July 2024 by IBA:

Government of India had released average AICPIN for Oct 2023, Nov 2023, Dec 2023. With these ‘All India Average Consumer Price Index Number for Industrial Workers’ (AICPIN-IW), the Dearness Relief for Bank Pensioners has been declared for the period from Feb 2024 to July 2024 by Indian Banks Association (IBA) in addition to DA for bank’s working employees.

The Rate of Dearness Relief (DR) on pension has been declared 48.51% for Bank Pensioners, who retired on or after 01.11.2017. This increase in Dearness Relief (DR) are payable to pensioners of IBA’s member banks under regulation 37 of Bank Employees’ Pension Regulations.

IBA has also advised banks to pay on ad hoc basis the DR to the pensioners for period Feb 2024 to July 2024, due to pending amendments in Pension Regulations.

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IBA order regarding DR of Bank Pensioners for period Feb 2024 to July 2024 : (DR Official order – IBA website)

Dearness Relief (DR) for Bank Pensioners, who retired on or after 01.11.2017, Part – VII:

DR for Bank Pensioners during period Feb 2024 to July 2024:

• Average Quarterly AICPIN Index : 9122.33,
• Slabs = (9122.33-6352)/4 = 693,
• DR Rate per slab = 0.07 % of Slab = 693 x 0.07 % = 48.51%

Dearness Relief (DR) payable to Bank Pensioners for period Feb 2024 to July 2024

48.51% of Basic Pension

Dearness Relief (DR) for Bank Pensioners, who retired on or after 01.11.2012 and up to 31.10.2017, Part – VI:

DR for Bank Pensioners during period Feb 2024 to July 2024:

• Average Quarterly AICPIN Index : 9122.33,
• Slabs = (9122.33-4440)/4 = 1171,
• DR Rate per slab = 0.1 % of Slab = 1171 x 0.1 % = 117.1%

Dearness Relief (DR) payable to Bank Pensioners for period Feb 2024 to July 2024

117.1% of Basic Pension

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Dearness Relief (DR) for Bank Pensioners, who retired on or after 01.11.2007 and up to 31.10.2012, Part – V:

DR for Bank Pensioners during period Feb 2024 to July 2024:

• Average Quarterly AICPIN Index : 9122.33,
• Slabs = (9122.33-2836)/4 = 1572,
• DR Rate per slab = 0.15 % of Slab = 1572 x 0.15 % = 235.80%

Dearness Relief (DR) payable to Bank Pensioners for period Feb 2024 to July 2024

235.80% of Basic Pension

Dearness Relief (DR) for Bank Pensioners, who retired on or after 01.11.2002 and up to 31.10.2007, Part – IV:

DR for Bank Pensioners during period Feb 2024 to July 2024:

• Average Quarterly AICPIN Index : 9122.33,
• Slabs = (9122.33-2288)/4 = 1709,
• DR Rate per slab = 0.18 % of Slab = 1709 x 0.18 % = 307.62%

Dearness Relief (DR) for period Feb 2024 to July 2024

307.62% of Basic Pension

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Dearness Relief (DR) for Bank Pensioners, who retired on or after 01.04.1998 and up to 31.10.2002, Part – III:

DR for Bank Pensioners during period Feb 2024 to July 2024:

• Average Quarterly AICPIN Index : 9122.33,
• Slabs = (9122.33-1685)/4 = 1860
• DR Rate per slab = 0.24 % of Slab = 1860 x 0.24 % = 446.40%

Dearness Relief (DR) for period Feb 2024 to July 2024

446.40% of Basic Pension

Dearness Relief (DR) for Bank Pensioners, who retired on or after 01.11.1992 / 01.07.1993 and up to 31.03.1998, Part – II:

DR for Bank Pensioners during period Feb 2024 to July 2024:

• Average Quarterly AICPIN Index : 9122.33,
• Slabs = (9122.33-1148) / 4 = 1994,
• DR Rate per slab = 0.35 % of Slab = 1994 x 0.35 % = 697.90%

Dearness Relief (DR) for period Feb 2024 to July 2024

697.90% of Basic Pension

Dearness Relief (DR) for Bank Pensioners, who retired on or after 01.01.1986 and up to 31.10.1992 / 30.06.1993, Part-I:

DR for Bank Pensioners during period Feb 2024 to July 2024:

• Average Quarterly AICPIN Index : 9122.33,
• Slabs = (9122.33-600)/4 = 2131,
• DR Rate per slab = 0.67 % of Slab = 2131 x 0.67 % = 1427.77%

Dearness Relief (DR) for period Feb 2024 to July 2024

1427.77% of Basic Pension

Dearness Relief payable to bank Pensioners for the period February 2024 to July 2024 (where DR is not implemented):

Letter by IBA:

1. Please refer to our Circular No. CIR/HR&I R/D/G2/2023- 24/816 dated 7.02.2024. wherein we had provided the rates at which Dearness Relief payable to Pensioners / family pensioners. for the period of February 2024 to July 2024. after implementation of DR neutralization for pre-November 2002 retirees / family pensioners.
2. To facilitate those who are yet to implement our letter H R& I R/MBR/G2/0533 dated l 6.10.2023, in addition to the contents of our above mentioned circular dated 07.02.2024. they may pay on ad hoc basis (Pending amendments to Pension Regulations), the Dearness Relief payable to pensioners for the period February 2024 to July 2024 as per Annexure. 1

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Dearness Relief (DR) for Bank Pensioner, who has survived pre-01.01.1986 retirees of banks and surviving spouses of pre-01.01.1986 retirees:

DR payable for period Feb 2024 to July 2024 are given below : Average Index : 9122.33

1. Surviving pre-01.01.1986 retirees of banks
2. Surviving spouses of pre-01.01.1986 retirees who are in receipt of Ex-gratia.

Pensioners	Amount of Ex-gratia per month (A)	Rate of Dearness Relief	Amount of Dearness Relief per month (B)	Total Ex-gratia amount including Dearness Relief per month (A+B)
pre-01.01.1986 retirees	₹ 350	1427.77%	₹ 4997.20	₹ 5347.20
Surviving spouses of pre-01.01.1986 retirees	₹ 175	1427.77%	₹ 2498.60	₹ 2673.60

DR Official order surviving pre-01.01.1986 – IBA website

DR hike history of bank pensioners:

Period of DR hike	Retired after 01.11.2017	Retired between 01.11.12 to 31.10.17	Retired between 01.11.07 to 31.10.12	Retired between 01.11.02 to 31.10.07
Aug’24 to Jan’25
Feb’24 to July’24	48.51 (+4.27%)	117.1 (+6.10%)	235.8 (+9.15%)	307.62 (+10.98%)
Aug’23 to Jan’24	44.24 (+3.08%)	111.0 (+4.40%)	226.65 (+6.60%)	296.64 (+7.92%)
Feb’23 to July’23	41.16 (+4.34%)	106.6 (+6.2%)	220.05 (+9.3%)	288.72 (+11.16%)
Aug’22 to Jan’23	36.82 (+3.85%)	100.4 (+5.5%)	210.75 (+8.25%)	277.56 (+9.9%)
Feb’22 to Jul’22	32.97(+5.18%)	94.90(+7.40%)	202.50(+11.10%)	267.66(+13.32%)
Aug’21 to Jan’22	27.79(+1.61%)	87.50(+2.30%)	191.40 (+3.45%)	254.34 (+4.14%)
Feb’21 to Jul’21	26.18(+5.39%)	85.20 (+ 7.70 %)	187.95 (+ 11.55%)	250.20 (+ 13.86%)
Aug’20 to Jan’21	20.79	77.5	176.4	236.34

How to calculate DR of bank pensioners? What is the formula of DR calculation of bank pensioners? Example:

Slab and rate calculation for DR of bank pensioners from Aug 2023 to Jan 2024:

1. Jun 2023 AICPIN – 136.4 x 2.88 x 4.63 x 4.93 = 8966.74
2. May 2023 AICPIN – 134.7 x 2.88 x 4.63 x 4.93 = 8854.99
3. Apr 2023 AICPIN – 134.2 x 2.88 x 4.63 x 4.93 = 8822.12

For those pensioners, who retired after 01.11.2017, 6352 points of DA was merged with the ‘pay’ and DA rate was fixed at 0.07 % per DA slab. So, the calculation of Bank DR is:

• Average of the quarter (Apr, May, Jun) = 8881
• Number of DA slabs = (8881 – 6352) / 4 = 631 slabs
• DA, DR rate effective from 01.08.2023 = 44.24% (0.07 % of 632), formula applicable for those pensioners, who retired on or after 01.11.2017.

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Disclaimer: Kindly refer dpe.gov.in for any inconsistencies in rules, understandings and clarification.