The Indian Banks’ Association has announced the Dearness Allowance (DA) for Workmen and Officer Employees in banks for the period of August to October 2023. The calculation is based on the All India Average Consumer Price Index Numbers for Industrial Workers, with the confirmed numbers for the quarter ending in June 2023.
The average CPI leads to an increase of 36 DA slabs, taking the total slabs to 632. As per the 11th Bipartite Settlement and the Joint Note dated 11.11.2020, the DA payable for these months will be 44.24% of the employees’ pay, with decimals beyond the third place being ignored.
DA for Workmen and Officer Employees in banks for Aug to Oct 2023
Indian Banks’ Association
HR & Industrial Relations
HR&IR/MBR/76/D/2023-24/
August 2, 2023
All Members of the Association
(Designated Officers)
Dear Sir/ Madam,
Dearness Allowance for Workmen and Officer Employees in banks for the months of August, September, October 2023 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 June 2023 are as follows:-
April 2023 8822.12
May 2023 8854.99
June 2023 8966.74
The average CPI of the above is 8881 and accordingly the number of DA slabs are 632 (8881-6352= 2529/4= 632 Slabs). The last quarterly Payment of DA was at 596 Slabs. Hence, there is an increase in DA slabs of ‘36’ i.e. 632 Slabs for payment of DA for the months August, September and October, 2023.
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 August, September and October, 2023 shall be 44.24% of ‘pay’. While arriving at dearness allowance payable, decimals from third place may please be ignored.
Yours faithfully,
Brajeshwar Sharma
Senior Advisor (HR&IR)