Bank Pensioners: Aug 2023-Jan 2024 Dearness Relief

Bank Pensioners: August 2023 – January 2024 Dearness Relief

During the period of August 2023 to January 2024, retired bank employees will be eligible to receive the Dearness Relief, which is an additional monetary benefit provided to them. This relief is specifically designed to support their financial well-being and help offset the impact of rising costs and inflation. It serves as a way to acknowledge the contributions of these retired bank employees and ensure that they are adequately supported during this particular time frame, when financial stability is crucial.

Dearness Relief payable to Bank Pensioners for the period August 2023 to January 2024

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,

Brajeshwar Sharma
Senior Advisor (HR&IR)

Click to View the order in PDF Format

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