Great News for Bank Employees! DA Hiked by 4.27% from Nov 2023 – IBA Circular Issued!

DA for Bank Employees from Nov 2023 to Jan 2023 – IBA Circular PDF

The Indian Bank Association (IBA) has recently announced a significant increase in the Dearness Allowance (DA) for bank employees and officers. Effective from November 2023 to January 2024, the DA will be raised by 4.27% from the current rate of 44.24% to 48.51%. This marks the largest increase in DA for bank workers in the past 24 months. The announcement was made following the immediate release of the AICPIN for September 2023 by the IBA. This news is undoubtedly welcomed by all bank employees, officers, and workmen alike.

Indian Banks’ Association

HR & Industrial Relations

HR&IR/MBR/76/D/2023-24/0608
November 1, 2023

All Members of the Association
(Designated Officers)

Dear Sir/ Madam,

Dearness Allowance for Workmen and Officer Employees in banks for the months of November, December 2023, and January 2024 under XI BPS/ 8th Joint Note dated 11.11.2020

The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the quarter ended September 2022 are as follows:-

July 2022: 9183.68
August 2022: 9150.81
September 2022: 9039.06

The average CPI of the above is 9124 and accordingly, the number of DA slabs are 693 (6352 – 2772/4 = 693 Slabs). The last quarterly Payment of DA was at 632 Slabs. Hence, there is an increase in DA slabs of ‘61’ i.e. 693 Slabs for payment of DA for the months November, December 2023 and January 2024.

In terms of clause 7 of the 11th Bipartite Settlement dated 11.11.2020 and clause 3 of the Joint Note dated 11.11.2020, the rate of Dearness Allowance payable to Workmen and Officer employees for the months of November, December 2023 and January 2024 shall be 48.51% of ‘pay’. While arriving at dearness allowance payable, decimals from third place may please be ignored.

Yours faithfully,
sd/-
Brajeshwar Sharma
Senior Advisor (HR&IR)

IBA Circular PDF Download

Expected Bank DA from Feb 2024 – Click To Calculate

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