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
August 2, 2023
Designated Officers of all Nationalised Banks and State Bank of India
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 Average||Amount of Ex-gratia per month||Rate of Dearness Relief||Amount of Dearness Relief per month||Total Ex- gratia amount including Dearness Relief per month|
|8881||Pre 1.1.86 Retirees||350||1386.9||4854.15||5204|
|Surviving spouses of pre 1.1.86 retirees||175||1386.9||2427.08||2602|
- 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.
Senior Advisor (HR&IR)