Indian Banks’ Association: Dearness Allowance Update for Nov-Jan 2024
The Indian Banks’ Association (IBA) has recently released an important update regarding the Dearness Allowance (DA) for bank employees for the months of November, December 2023, and January 2024. This update brings good news for the employees as it includes an increase in the DA slabs.
The IBA has confirmed the All India Average Consumer Price Index Numbers for Industrial Workers, which is a crucial factor in determining the DA slabs. Based on the 11th Bipartite Settlement, the applicable rate of DA is set at 48.51% of the ‘pay’.
It is important to note that when calculating the DA slabs, decimals should be handled with precision. The IBA has provided detailed guidance on how to handle decimals to ensure accurate calculations.
This update is significant for bank employees as it will directly impact their monthly earnings. The increase in DA slabs will result in a higher allowance for employees, providing some relief from the rising cost of living.
Conclusion
The Indian Banks’ Association’s update on Dearness Allowance for the months of November, December 2023, and January 2024 is a positive development for bank employees. The increase in the DA slabs will help employees cope with the increasing cost of living. It is essential for employees to follow the guidelines provided by the IBA to ensure accurate calculation of the DA slabs. This update highlights the commitment of the Indian Banks’ Association towards the welfare of bank employees.