Dearness Relief Guidelines: Aug 2023 – Jan 2024 for Bank Retirees

The Indian Banks’ Association (IBA) has issued a circular (No.CIR/HR&IR/D/G2/2023-24/) dated August 2, 2023, addressed to Designated Officers of all Nationalised Banks and State Bank of India. The circular pertains to the Dearness Relief payable to surviving pre-1.1.1986 retirees of banks and surviving spouses of such retirees who are receiving Ex-gratia payments.

DR payable for the period August 2023 to January 2024 to surviving pre 1.1.1986 retirees of banks

Indian Banks’ Association
HR & INDUSTRIAL RELATIONS

No.CIR/HR&IR/D/G2/2023-24/
August 2, 2023

Designated Officers of all Nationalised Banks and State Bank of India

Dear Sir/Madam,

Dearness Relief payable for the period August 2023 to January 2024 to surviving pre 1.1.1986 retirees of banks (b) surviving spouses of pre 1.1.86 Retirees who are in receipt of Ex-gratia

As per the directive contained in the Government of India, Ministry of Finance Department of Economic Affairs (Banking Division) letter F.No.11/2/2012-IR dated 17.12.2013, the Dearness Relief payable to surviving pre 1.1.1986 retirees of banks for the period August 2023 to January 2024 on Ex-gratia will be as under :

Applicable CPI AverageAmount of Ex-gratia per monthRate of Dearness ReliefAmount of Dearness Relief per monthTotal Ex- gratia amount including Dearness Relief per month
%
8881Pre 1.1.86 Retirees3501386.94854.155204
Surviving spouses of pre 1.1.86 retirees1751386.92427.082602
  1. However, you may be guided by IBA circular HR&IR/MBR/743/2022-23/11722 dated February 7, 2023, wherein we have sent an advisory to Banks, to consider additional ex-gratia payment over and above the amount being paid as per DFS guidelines so as to ensure that the surviving pre 1986 retired employee / surviving Spouse of pre 1986 retired employees get a minimum of Rs.10000/- per month as Ex-gratia.

Yours faithfully,

Brajeshwar Sharma
Senior Advisor (HR&IR)

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