41.16% DA for Bank Employees from Feb 2023

Dearness Allowance for Workmen and Officer Employees in banks for the months of February, March & April 2023 under XI BPS/ 8th Joint Note dated 11.11.2020.

The All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the quarter ended December 2022 stand at 8710.36, 8710.36, and 8697.22 respectively. Taking the average of these values yields 8705, leading to 588 DA slabs (8705-6352= 2353/4= 588 Slabs). 32 more slabs are to be added since the last quarterly Payment of DA was at 556 Slabs.

Consequently, in accordance with the 11th Bipartite Settlement dated 11.11.2020 and clause 3 of the Joint Note dated 11.11.2020, the rate of DA payable to Workmen and Officer employees for the months of February, March, and April 2023 is 41.16% of ‘pay’. Decimals from the third place should be disregarded when calculating the Dearness Allowance.

Calculating Dearness Allowance for Bank personnel is uncomplicated! Suppose your basic salary is Rs.50,000 and as a result of the most recent 2.24% hike, your current DA rate is 41.16%, which implies your Dearness Allowance is Rs.20580 with an increment of Rs.1120.

To access the official directive regarding the increase in Dearness Allowance from February to March 2023 for Bank employees and officers, one must go to the Indian Bank Association’s (IBA) website and click on the link labeled ‘Circulars’ which is located in the top menu bar.

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