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. […]
Payment of Dearness Allowance to CDA Pattern Employees of CPSEs – 42% to 46%
The Ministry of Finance, Department of Public Enterprises, Government of India has issued an office memorandum regarding the payment of Dearness Allowance (DA) to the employees of Central Public Sector Enterprises (CPSEs) who are following the CDA pattern pay scales. The memorandum states that the DA payable to the employees will be enhanced from the […]
AICPIN for the Month September 2023
In September 2023, the All-India Consumer Price Index for Industrial Workers (AICPIN) decreased by 1.7 points to 137.5, marking a 1.22% decrease from the previous month. This dip contrasts with a 0.84% increase in the same period the previous year. The index is heavily influenced by the price of food and beverages, especially items like fish, mustard oil, and certain vegetables. Certain items like rice and dairy milk applied upward pressure on the index. Year-on-year inflation for the month was 4.72%.
How to Calculate Dearness Allowance 2024 – A Simple Formula
Dearness Allowance (DA) is a salary element designed to offset inflation’s effect on employees’ buying power. It’s calculated using the average All India Consumer Price Index (AICPIN) for Industrial Workers over 12 months. DA calculation involves subtracting 90.76 from this average, multiplying by 100, and dividing by 90.76.
Enhanced Provisions for GPF Withdrawals -Dopt Order 2023
Explore the updated provisions for General Provident Fund (GPF) withdrawals and advances as per the recent memorandum from the Department of Pension & Pensioners Welfare. Learn about the expanded purposes, increased limits, and simplified procedures for government employees to make the most of their GPF benefits