Categories: Bank Staff

Dearness Relief (DR) payable to the bank pensioners for the half year February 2020 to July 2020

The average index number for October 2019 2019 to December 2019 works out to 7479. Therefore Bank Pensioners would get 78 slabs to increase as dearness relief for the half-year February 2020 to July 2020. The following chart shows the rate of dearness relief applicable to bank pensioners who have retired on various dates.

  1. Retired on or after 1.11.2012     7479-4400 (759 slabs)
No of slabs Rate per Slab @ Percentage of DR  payable DR on Basic Pension (Before commutation)
759 0.10 75.90% Basic Pension × 75.90%
  • Retired on or after 1.11.2007 up to 31.10.2012: Average index Average index 7479-2836 points merger (1162 slabs)
No of slabs Rate per Slab Percentage of DR  payable DR on Basic Pension (Before commutation)
1162 0.15 174.30% Basic Pension× 174.30 %
  • Retired on or after 1.11.2002 and up to 31.10.2007 Average index 7479- 2288 points merger (1297 slabs)
No of slabs Rate per Slab Percentage of DR  payable DR on Basic Pension  (Before commutation)
1297 0.18 233.46% Basic Pension× 233.46 %
  • Retired on or after 01.04.1998 till 31.10.2002  Average index number7479-(1685 merger): (5794/4= 1448  slabs)

     Average index 7479-1685 points (1448 Slabs)

Basic pension up to 3550= 1448x24 %=( 347.52%), 3551 to 5650= 1448x 20 %=(    289.60%),

5651 to 6010= 1448 x 12 %=( 173.76 % of basic pension),

   6011 and above 1448×6 %=( 86.88 % of basic pension)

Basic pension (before commutation) DR amount                  
Up to basic pension 3550 Basic Pension×347.52 %    i.e. DR on basic pension for 3550= 12336.96
Basic pension from 3551 to 5650 (2100) 12336.96 + for the basic pension in excess of @289.60 %  i.e. DR on basic pension for 5650= 12336.96+6081.60=18418.56
Basic pension from  5651 to 6010 (360) 18418.56 +for  basic pension in excess of 5650 up to 6010 @ 173.76% i.e. DR on basic pension for 6010=18418.56+625.53=19044.09
Basic pension 6011 and above 19044.09 + for the basic  pension in excess of 6010 @ 86.88%
  • Retired on or after 1.11.92 up to 31.3.98 (7479-1148 merger)   6331/4    No. of slabs 1582

   DA on basic pension up to 2400= 1582×35 %=( 553.70% × basic pension)

 + From 2401 to Rs.3850 @ 1582×29% = (458.78 % × basic pension)

 + From 3851 to 4100 @ 1582×17%= (217.26% × basic pension)

 + above 4100 @ 1278×9% = 115.02% × basic pension]

Retired on or after 1.11.92/1.7.93 up to 31.3.98 Average index  7479-1148=6301/4= 1575 slabs

   Basic pension (before commutation)   DR Amount
Up to basic pension 2400 basic pension×553.70    i.e.   DR for 2400 basic = 13288.80
Basic pension from 2401 to 3850 (1450) + 1582×29%=458.78% i.e. DR for 3850 basic 13288.80 =13288.80+6652.31=19941.10
Basic pension from  3851 to 4100 (250) 1582×17%=268.94% DR for 4100 basic= 19941.10+672.35=20613.45  
Basic pension 4101 and above 1582×9%= 142.38% i.e. = 20613.45+142.38% on basic pension above 4101
  • Retired on or after 1.1.86 and before 1st November 1992/1st July 1993 and before 01.11.2002

Average index number 7479 (1719 slabs) 600 points merger 7479-600= 6879/4=1719 slabs

Basic pension DR amount on 1638  slabs
Basic pension up to 1250  Basic pension×1151.73%,i.e. DR for basic pension 1250=14396.62
Basic pension from 1251 to 2000 (750) 14396.62+ (Basic Pension × 945.45%), i.e. DR for basic pension 2000=14396.62+7090.87=21487.49
Basic pension from  2001 to 2130 (130) 21487.49+Basic Pension×540.54%, i.e. DR for basic pension 2130=21487.49+567.27=22054.76  
Basic pension from 2131 above Rs.22054.76+ for the basic pension in excess of Rs.2130 @ 292.23%
Surendra Naik

Share
Published by
Surendra Naik

Recent Posts

Trial Balance: Classification of Errors, Location of Errors, and Rectification of Errors

The errors in accounting take place due to wrong posting of transactions, wrong totaling or…

9 hours ago

Bank Holidays 2025: Karnataka State

“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…

2 days ago

What are Suspense Account and rectification in Trial Balance?

When the trial balance does not tally due to the one-sided errors in the books,…

2 days ago

Explained: Reasons for disagreement of a Trial Balance

Errors in Trial Balance are mistakes made during the accounting process that cannot always be…

2 days ago

Bank Holidays 2025: GOA

 “Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…

3 days ago

Reporting of Foreign Exchange Transactions to Trade Repository

The Reserve Bank of India is expanding reporting requirements for foreign exchange transactions. Starting February…

3 days ago