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:-
| Month & Year | 1960 = 100 series | 2016 = 100 series |
| April 2024 | 9163.96 | 139.4 |
| May 2024 | 9196.83 | 139.9 |
| June 2024 | 9295.44 | 14 1.4 |
| CPI Average | 92 18.74 | 140.23 |
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
| PART-I | |
| Dearness Relief to pensioners who retired on or after 1st day of January,1986, but before the 1st day of November,1992/1st July, 1993 | |
| Average Index (CPI) for quarter ended June 2024 | 9218.74 |
| No. of Slabs | 2154 |
| Rate of dearness relief on pension for the months August 2024 to January 2025 | 1443.18% of basic pension |
| (iqnore decimals from 3rd place onwards) | |
| PART-II | |
| Dearness Relief to pensioners who retired on or after 1st day of November,1992/1st July, 1993 | |
| Average Index (CPI) for quarter ended June 2024 | 9218.74 |
| No. of Slabs | 2017 |
| Rate of dearness relief on pension for the months August 2024 to January 2025 | 705.95% of basic pension |
| (ignore decimals from 3rd place onwards) | |
| PART-III | |
| Dearness Relief to pensioners who retired on or after 1st day of April,1998. | |
| Average Index (CPI) for quarter ended June 2024 | 9218.74 |
| No. of Slabs | 1883 |
| Rate of dearness relief on pension for the months August 2024 to January 2025 | 451.92% of basic pension |
| (ignore decimals from 3rd place onwards) | |
| PART-IV | |
| Dearness Relief to pensioners who retired on or after 1st day of November, 2002. | |
| Average Index (CPI) for quarter ended June 2024 | 9218.74 |
| No. of Slabs | 1732 |
| Rate of dearness relief on pension for the months August 2024 to January 2025 | 311.76% of basic pension |
| (iqnore decimals from 3rd place onwards) | |
| PART-V | |
| Dearness Relief to pensioners who retired on or after 1st day of November,2007 . | |
| Average Index (CPI) for quarter ended June 2024 | 9218.74 |
| No. of Slabs | 1595 |
| Rate of dearness relief on pension for the months August 2024 to Januarv 2025 | 239.25% of basic pension |
| (iqnore decimals from 3rd place onwards) | |
| PART-VI | |
| Dearness Relief to pensioners who retired on or after 1st day of November,2012 . | |
| Average Index (CPI) for quarter ended June 2024 | 9218.74 |
| No. of Slabs | 1194 |
| Rate of dearness relief on pension for the months August 2024 to January 2025 | 119.40 % of basic pension |
| (ignore decimals from 3rd place onwards) | |
| PART-VII | |
| Dearness Relief to pensioners who retired on or after 1st day of November, 2017. | |
| Average Index (CPI) for quarter ended June 2024 | 9218.74 |
| No. of Slabs | 716 |
| Rate of dearness relief on pension for the months August 2024 to January 2025 | 50.12 % of basic pension |
| (ignore decimals from 3rd place onwards) | |
| PART-VIII | |
| Dearness Relief to pensioners who retired on or after 1st day of November, 2022 | |
| Average Index (CPI) for quarter ended June 2024 | 140.23 |
| No.of Points | 17.20 |
| Rate of dearness relief on pension for the months August 2024 to January 2025 | 17.20% of basic pension |
| (ignore decimals from 3rd place onwards) | |
Source: IBA
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