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Increased Dearness Relief to Bank Pensioners from August 2014 – Orders issued

Increased Dearness Relief to Bank Pensioners for the period August 2014 to January 2015 – IBA Orders communicated to all member banks

HR & Industrial Relations

No. CIR /HR & IR /D/G2/2014-15/426

August 1, 2014

Designated Officers of all member banks which are parties to the Bipartite Settlement of pension

Dear Sirs

Dearness Relief payable to Pensioners for the period August 2014 to January 2015

The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the Quarter ended June 2014 are as follows

April 2014 – 5523.87

May 2014 – 5569.52

June 2014 – 5615.17

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 2014 to January 2015 as per Annexure

Part-I
Basic Pension Dearness Relief for the months Slabs
August to January 2015 1242
Average Index 5569
1 Up to Rs, 1250 832.14 percent
2 Rs.1251 to Rs.2000 10401.75 plus 683.1 percent of basic Pension in excess of Rs.1250.00
3 Rs. 2001 to Rs. 2130 Rs. 15525.00 plus 409.86 percent of basic Pension in excess of Rs.2000.00
4 Above Rs. 2130 Rs. 16057.81 plus 211.14 percent of basic pension in excess of Rs. 2130.00

 

Part-II
Basic Pension Dearness Relief for the months Slabs
August to January 2015 1105
Average Index 5569
1 Up to Rs, 2400 386.75 percent
2 Rs.2401 to Rs.3850 9282.00 plus 320.45 percent of basic Pension in excess of Rs.2400.00
3 Rs. 3851 to to Rs. 4100 Rs. 13928.52 plus 187.85 percent of basic Pension in excess of Rs.3850.00
4 Above Rs. 4100 Rs. 14398.14plus 99.45 percent of basic pension in excess of Rs. 4100

Download Dearness Relief Order for Bank Pensioners for the period August 2014 to January 2015

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