DA Hike: Dearness Allowance for bank employees and officers from May to July has been fixed and for this period they will be given DA of 15.97 percent.
DA Hike: Tuesday has brought great news for bank employees. A strong increase in their dearness allowance has been announced. Bank employees and officers will get DA at the rate of 15.97 percent for the months of May, June and July from the Indian Bank Association (IBA). IBA has shared the information by issuing a circular in this regard. That is, there will be a bumper increase in the salary of these months.
This much DA will be available for three months
The Indian Bank Association (IBA) said in its circular that the increase in DA of bank employees has been announced. The dearness allowance of bank employees and officers for May, June, July 2024 will be 15.97 percent of their salary. Along with this, it has been told in the circular that the dearness allowance has been increased as per clause-13 of the 12th bilateral agreement dated 08 March 2024 and clause 2 (i) of the joint note.
This is the complete calculation of dearness allowance
According to the IBA, for every change in the second decimal place on the 123.03 points of CPI 2016, a change of 0.01% is made in the DA on salary. On this basis, the decision to hike the DA of bank employees and officers for May, June and July 2024 has been taken. If we look at the data of Consumer Price Index for Industrial Workers till the end of March 2024, it was 138.9 in January, 139.2 in February and 138.9 in March. That is, the average CPI is 139 and if calculated as per the rules, then it is 15.97 points more than the 123.03 of CPI 2016.
Demand for 5 days working in a week
Bank employees have got the gift of DA Hike, but a decision on their another demand is yet to be taken and it is stuck for a long time. Actually, Bank Employees have been demanding 5 Days Work Week for a long time. The Indian Banks Association and bank unions have already agreed to this proposal, but this proposal is still awaiting government approval.
IBA and bank unions have reached an agreement
In a joint announcement made in March this year, it was said that this agreement between IBA and bank unions will play an important role in easing the way for 5-day work in a week for PSU bank employees. In the joint note, all Saturdays of the month have been recognized as bank holidays. Let us tell you here that the Reserve Bank of India (RBI) has fixed minimum working hours and customer service time limit for banks, which is mandatory to follow.
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