Dearness Relief payable to Bank Pensioners for the period August 2024 to January 2025 after DR Neutralization: IBA

Dearness Relief payable to Bank Pensioners for the period August 2024 to January 2025 after DR Neutralization: IBA

Indian Banks’ Association

HR & INDUSTRIAL RELATIONS
No.CIR/HR&IR/D/G2/2024-25/1320

August 7, 2024

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 2024 to January 2025

The confirmed All India Average Consumer Price Index Numbers for Industrial Workers for the quarter ended June 2024 are as follows:-

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.

Further, we draw your attention to our circular HR&IR/MBR/G2/0533 dated 16.10.2023, wherein we have communicated about DR neutralization for pre 01.11.2002 retirees and family pensioners. The amount of ex-gratia to be paid, to a group of pensioners, was also mentioned therein.

Pending amendments to Pension Regulations, Banks may pay on ad hoc basis, the Dearness Relief payable to pensioners for the period August 2024 to January 2025 as per Annexure.

Yours faithfully,
enior Advisor (HR&IR)

Annexure

Source: IBA