The Indian Banks’ Association has informed all member banks that are parties to the Bipartite Settlement on Pension about the dearness relief payable to pensioners for the period of February 2023 to July 2023. The dearness relief is based on the confirmed All India Average Consumer Price Index Numbers for Industrial Workers for the quarter ending December 2022. Banks are advised to pay the dearness relief on an ad hoc basis as per the Annexure pending amendments to Pension Regulations. The letter is signed by Brajeshwar Sharma, Senior Advisor (HIR&IR).
Dearness Relief payable to Pensioners – IBA
Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
February 1, 2023
Designated Officers of all Member Banks
which are parties to the Bipartite Settlement on Pension
Dearness Relief payable to Pensioners for the period February 2023 to July 2023
The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the quarter ended December 2022 are as follows:-
October 2022 8710.36
November 2022 8710.36
December 2022 8697.22
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 February 2023 to July 2023 as per Annexure.
Senior Advisor (HIR&IR)