DA for bankers from February-2024

To calculate Bankers Dearness Allowance for the month of February 2024, we need know about CPI (Consumer Price Index) for the month October 2023, November 2023 and December 2023. We get this CPI index subsequent month.

October  2023 CPI index we get on 30th  November 2023 and November 2023 CPI index we get on 31st  December 2023 and December 2023 CPI index we receive on 31st January 2024.

This CPI index always we get one month late.

In last year February 2023 CPI Index increased on an 2.24 percent. On this basis we can expect for the month of October 2023 and November 2023 and December 2023 expected CPI Index will be.

October 2023 CPI Index will be 138.40 November 2023 CPI Index will be 139.10 December 2023 CPI Index will be 138.80.

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Expected DA for Bankers from Feb-24

Expected DA Calculation Updated on 29.12.23 on the basis of CPI for the month of Nov'23 with the assumptions of CPI for the next month as mentioned hereunder. The CPI for the month of Oct'23 announced today as 139.10 (as per revised base year 2016) (The base year was changed from Oct 2020)

To calculate Bankers Dearness Allowance for the month of February 2024, we need know about CPI (Consumer Price Index) for the month October 2023, November 2023 and December 2023. We get this CPI index subsequent month.

October  2023 CPI index we get on 30th  November 2023 and November 2023 CPI index we get on 31st  December 2023 and December 2023 CPI index we receive on 31st January 2024.

This CPI index always we get one month late.

In last year February 2023 CPI Index increased on an 2.24 percent. On this basis we can expect for the month of October 2023 and November 2023 and December 2023 expected CPI Index will be.

October 2023 CPI Index will be 138.40 November 2023 CPI Index will be 139.10 December 2023 CPI Index will be 138.80.

Now we need to add October 2023 to December 2023 CPI Index figures

=138.40+139.10+138.80/ 3 =416.30/3 =138.77 (Average)

Now we need to multiply this figure to Base Year table.

=138.77*2.88*4.93*4.63 =9122.33 =9122/-

We need to subtract from 6352.

Its is because in 11 BPS 6352 points merged in the

DA. =9122-6352 =2770/- (Remaining points left)

Now we need to covert this points to slabs.

To cover this points to slabs we need divide it from 4. =2770/4 =692.50 Slabs

Now we need to convert these slabs to percentage.  

Its because DA calculated in percentage.

To convert this into percentage we need to multiply with 0.07.

It is because according to 11 BPS 1 slab is equal to 0.07 =693*0.07 =48.51 %.

Check DA for bankers from November-2023

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Increase in Pension and DA for Bank Pensioners in Dec 2023

 

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DA Increase of Bankers from Nov-2023

 

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DA Increase of Bankers from August,2023

Dearness Allowance Increase of Bankers from August,2023 : 

Increase of  36 slab i.e. 2.52%.

Total slab: @ 632 i.e. 44.24% w.e.f. August, 2023.

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Expected DA for Bank Employees from August 2023

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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DA increased for Bankers from May 2023

 

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DA increased for Bankers from Nov 2022

DA for Bankers has increased for the quarter November 2022 to January 2022.

CPI data for the month of July, August and September 2022 has been released, which is as under:

July 2022	129.90
August 2022	130.20
September 2022	131.30

 DA for bank employees is linked to CPI data. Based on the CPI data for last 3 months (July 2022 to September 2022), DA payable to bankers will be 556 slabs for the quarter Nov 22 to Jan 23. This is 30 slabs from the previous quarter, which was 526.

As such, the Dearness Allowance for bankers will be 38.92% from the next quarter starting from November 2022. DA for the last quarter was 36.82%. Accordingly, there is an increase of 2.10% in the DA for the upcoming quarter.

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