Based on the CPI announced, the average index number works out to7849 (base 1960=100). It means Dearness relief for the Bank pensioners will be77 slabs. The details of the percentage of dearness relief payable for the period from February 2021 to July 2021 to bank pensioners retired at various periods are as under.
| October 2020 | November 2020 | December 2020 |
| 119.50 = 7855.76 (1960) | 119.90= 7882.06 (1960) | 118.80 = 7809.74 (1960) |
Average=7849 points
The percentage of Dearness Relief (DR) payable to the bank pensioners for the half-year February 2021 to July 2021 will be as under.
| No of slabs | Rate per Slab @ | Percentage of DR payable | DR payable on Basic Pension (Before commutation) |
| 374 | 0.07 | 26.18% | Basic Pension × 26.18% |
| No of slabs | Rate per Slab @ | Percentage of DR payable | DR on Basic Pension (Before commutation) |
| 852 | 0.10 | 85.20% | Basic Pension × 85.20% |
| No of slabs | Rate per Slab | Percentage of DR payable | DR payable on Basic Pension (Before commutation) |
| 1253 | 0.15 | 187.95% | Basic Pension× 187.95 % |
| No of slabs | Rate per Slab | Percentage of DR payable | DR on Basic Pension (Before commutation) |
| 1390 | 0.18 | 250.20% | Basic Pension× 250.20 % |
| Basic pension (before commutation) | DR amount |
| Up to basic pension 3550@24% per slab | Basic Pension×369.84 % |
| Basic pension from 3551 to 5650 (2100@ 20% per slab) | 13129.32 + for the basic pension in excess of @308.20% |
| Basic pension from 5651 to 6010 (360@ 12% per slab) | 19601.52 +for basic pension in excess of 5650 up to 6010 @ 184.92% |
| Basic pension 6011 and above@6% per slab | 20267.23 + for the basic pension in excess of 6010 @92.46% |
| Basic pension (before commutation) | DR Amount |
| Up to basic pension 2400 (@ 35% per slab =586.25%) | 586.25 % × basic pension |
| Basic pension from 2401 to 3850 (1450@29% per slab=485.75%) | 14070 + from 2401 up to 3850 @ @485.75% |
| Basic pension from 3851 to 4100 (250@17% per slab) | 21113.37 + for pension in excess of 3851 up to 4100 @ 284.75% |
| Basic pension 4101 and above @9% per slab | 21825.24. +for pension in excess of 4100 @ 150.75% |
Average index number 7849- 600 (1812 slabs)
| Basic pension | DR amount on 1812 slabs |
| Basic pension up to 1250@ 67% per slab | Basic Pension x 1214.04% |
| Basic pension from 1251 to 2000 (750) @55% per slab | Rs.15175.50 +for the basic pension in excess of Rs.1250 @996.60% |
| Basic pension from 2001 to 2130 (130)@33% per slab | Rs.22650+for the basic pension in excess of Rs.2000@597.96% |
| Basic pension from 2131 above @17% per slab | Rs.34609.20 for the basic pension in excess of Rs.2130 @ 308.04% |
Accounting is a multifaceted discipline. It caters to the diverse informational needs of stakeholders within…
As the name says ‘computerised accounting’ is the use of computers, software, and hardware to…
The Supreme Court today overruled a 2008 decision by the National Consumer Disputes Redressal Commission…
The Bank’s financial statements are prepared under the historical cost convention, on the accrual basis…
The term "accounting treatment" represents the prescribed manner or method in which an accountant records…
The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the…