Dearness Relief payable to Bank Pensioners for the period February 2024 to July 2024: Implementation of DR neutralization and Ad Hoc Payment: IBA Order dated 16.02.024

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 Dearness Relief payable to Bank Pensioners for the period February 2024 to July 2024: Implementation of DR neutralization and Ad Hoc Payment: IBA Order dated 16.02.024

Indian Banks’ Association

HR & INDUSTRIAL RELATIONS

No.CIR/HR&IR/D/G2/2023-24/835
February 16, 2024

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 February 2024 to July 2024

Please refer to our Circular No.CIR/HR&IR/D/G2/2023-24/8 16 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 HR&IR/MBR/G2/0533 dated 16.10.2023, 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.

Yours faithfully,

Brajeshwar Sharma
Senior Advisor (HR&IR) 

PART- I
Dearness Relief to pensioners who retired on or after 1st day of January,1986, but before the 1st day of November,1992/1st July, 1993
BASIC PENSIONDearness relief for the months February 2024 to July 2024Slabs
2131
Average Index9122.33
(i)Upto Rs.12501427.77 per cent.
(ii)Rs.1251 to Rs.2000Rs. 17847.12 plus 1172.05 percent
of basic pension in excess of Rs.1250.00
(iii)Rs.2001 to Rs.2130Rs.  26637.49 plus 703.23 percent
of basic pension in excess of Rs.2000.00
(iv)Above Rs.2130Rs.  27551.68 plus 362.27 percent
of basic pension in excess of Rs.2130.00

View: Dearness Relief payable to Bank Pensioners for the period February 2024 to July 2024: IBA

PART- II
Dearness Relief to pensioners who retired on or after 1st day of November,1992/1st July, 1993
BASIC PENSIONDearness relief for the months February 2024 to July 2024Slabs
1994
Average Index9122.33
(i)Upto Rs.2400697.90 per cent.
(ii)Rs.2401 to Rs.3850Rs. 16749.60 plus 578.26 percent
of basic pension in excess of Rs.2400.00
(iii)Rs.3851 to Rs.4100Rs. 25134.37 plus 338.98 percent
of basic pension in excess of Rs.3850.00
(iv)Above Rs.4100Rs. 25981.82 plus 179.46 percent
of basic pension in excess of Rs.4100.00
PART- III
Dearness Relief to pensioners who retired on or after 1st day of April,1998.
BASIC PENSIONDearness relief for the months February 2024 to July 2024Slabs
1860
Average Index9122.33
(i)Upto Rs.3550446.4 per cent.
(ii)Rs.3551 to Rs.5650Rs. 15847.20 plus 372.00 percent
of basic pension in excess of Rs.3550.00
(iii)Rs.5651 to Rs.6010Rs. 23659.20 plus 223.2 percent
of basic pension in excess of Rs.5650.00
(iv)Above Rs.6010Rs. 24462.72 plus 111.6 percent
of basic pension in excess of Rs.6010.00
View/Download the PDF 

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