The Indian Banks’ Association has issued a circular (No.CIR/HR&IR/D/G2/2023-24) on August 2, 2023, addressing designated officers of member banks party to the Bipartite Settlement on Pension. The circular informs them about the Dearness Relief payable to pensioners for the period from August 2023 to January 2024.
It references the confirmed All India Average Consumer Price Index Numbers for Industrial Workers for the quarter ending June 2023. The circular states that Dearness Relief is to be paid to pensioners according to the rates specified in Appendix II to the Bank Employees’ Pension Regulations, 1995.
However, until the pending amendments to the Pension Regulations are made, banks are advised to pay the Dearness Relief on an ad hoc basis as outlined in the provided Annexure. The circular is signed by Brajesh Sharma, Senior Advisor (HR&IR) of the Indian Banks’ Association.
DR payable to Pensioners for the period Aug 2023 to Jan 2024
Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
No.CIR/HR&IR/D/G2/2023-24/
August 2, 2023
Designated Officers of all Member Banks
which are parties to the Bipartite Settlement on Pension
Dear Sir/ Madam,
Dearness Relief payable to Pensioners for the period August 2023 to January 2024
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
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 August 2023 to January 2024 as per Annexure.
Yours faithfully,
Brajesh Sharma
Senior Advisor (HR&IR)