Categories: Bank Staff

Dearness Relief for Bank Pensioners for the half year August 2023 to January 2024

Consumer Price Index for April, May, and June 2023 are respectively- 134.20, 134.70, and 136.40. For Bank pensioners, it works out to 632- slabs of DA for the quarter of August to October 2023. Hence there will be an increase of 44 slabs in DR for the pensioners for the half period August 2023 to January 2024.

Note: Dearness Relief payable to pensioners on the entire basic pension before commutation

Pensioner 1.11.2017 at   slabs increase of 44 slabs @44.24%

1.11.2012 increase of 44 slabs DR payable @ 110.10%

1.11.2007   increase of 35 slabs DR payable @ 225.3   %

DR is payable to pre-01.11.2002 pensioners under the existing system and at 100% neutralization of DR is also worked out at the bottom of this article.

Calculation:                                                                                                      

  • Retired on or after 1.11.2017:  Average index: 8881 – 6352= 2529= 632 slabs
No of slabsRate per Slab @Percentage of DR  payableDR payable on Basic Pension (Before commutation)
6320.0744.24 %Basic Pension ×44.24 % or basic ×0.4424
  • Retired on or after 1.11.2012:  Average index: 8881 -4440 points (4441/4=1145 slabs)
No of slabsRate per Slab @Percentage of DR  payableDR on Basic Pension (Before commutation)
11450.10114.50%Basic Pension ×114.50% or  Basic ×1.1145
  • Retired on or after 1.11.2007 up to 31.10.2012: Average index 8881-2836 = 6045 points  (1511  slabs)
No of slabsRate per SlabPercentage of DR  payableDR payable on Basic Pension (Before commutation)
15110.15226.65 %Basic Pension× 226.65 % or Basic Pension×  2.2665
  • Retired on or after 1.11.2002 and up to 31.10.2007 Average index 8881-2288=6593 points (1648 slabs)
No of slabsRate per SlabPercentage of DR  payableDR on Basic Pension  (Before commutation)                                     
16480.18296.68%Basic Pension× 296.68 % or Basic Pension× 2.9668
  • Retired on or after 01.04.1998 till 31.10.2002  Average index number8881-1684= (1799 slabs)
Basic pensionDR amount                  
Up to basic pension 3550@24% per slabBasic Pension× 431.82%
Basic pension from 3551 to 5650 (2100@  20% per slab)15329.61+359.8 % over 3550
Basic pension from  5651 to 6010 (360@ 12% per slab)22884.80 + 215.88 % over 5650
Basic pension 6011 and above@6% per slab23661.96 +107.94% over 6010
Note: on @100% neutralization after DFS approval:  DA  for the entire  basic pension @ 431.82% or  multiply your entire basic pension@ 4.3182   
  • Retired on or after 1.11.92/1.7.93 up to 31.3.98 Average index 8881-1148=7733 points (1933 slabs)
   Basic pension (before commutation)  DR Amount
Up to basic pension 2400 (@ 35% per slab676.55 % × basic pension 
Basic pension from 2401 to 3850 (1450 @29% per slab)16237.20+560.57 % over 2400
Basic pension from  3851 to 4100 (250@17% per slab)24365.47 +328.61% over 3850
Basic pension 4101 and above @9% per slab25187.47+173.97 % over 4100
Note: on @100% neutralization after DFS approval:  DA  for the entire  basic pension @ 676.55%  or  multiply your entire basic pension@ 6.7655 
  • Retired on or after 1.1.86 and before 1st November 1992/1st July 1993 and before 01.11.2002

Average index number8881- 600= 8281 points (2070 slabs)

Basic pensionDR amount on 2070 slabs
Basic pension up to 1250@ 67% per slab Basic Pension x 1386.90%
Basic pension from 1251 to 2000 (750) @55% per slabRs.17336.25 +for the basic pension in excess of Rs.1250 @1128.05%
Basic pension from  2001 to 2130 (130)@33% per slab25875 +683.10 % for BP over 2000
Basic pension from 2131 above @17% per slab26763.03 +351.90% for BP over 2130
Note : on @100% neutralization after DFS approval :  DA  for the entire  basic pension @ 1387.06 %  or  multiply your entire basic pension@ 13.8706
Surendra Naik

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Surendra Naik

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