Indian Banks’ Association Circular on Dearness Relief for Pensioners (August 2023 – January 2024)
The Indian Banks’ Association, in a circular dated August 2, 2023, addressed to the Designated Officers of member banks participating in the Bipartite Settlement on Pension, provided information regarding Dearness Relief for pensioners. The circular stated that the All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the quarter ending June 2023 were confirmed as follows: April 2023 – 8822.12, May 2023 – 8854.99, and June 2023 – 8966.74.
Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
No.CIR/HR&IR/D/G2/2023-24/
August 2, 2023
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 August 2023 to January 2024
The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the quarter ended June 2023 are as follows:-
April 2023 8822.12
May 2023 8854.99
June 2023 8966.74
In terms of Regulation 37 of Bank Employees’ Pension Regulations, 1995 Dearness Relief is payable to pensioners at rates specified in Appendix II to the Regulations. Pending amendments to Pension Regulations, Banks may pay on ad hoc basis, the Dearness Relief payable to pensioners for the period August 2023 to January 2024 as per Annexure.
Yours faithfully,
Brajesh Sharma
Senior Advisor (HR&IR)
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