DA for Nov 2021 - Jan 2022 for the public sector bank employees have been hiked by 37 slabs or 2.59% on basic pay. The effective dearness allowance for November 2021 to Jan 2022 will be 30.38% of the Basic Pay. The total increase in the salary will be as per the scale of the pay.
Similarly, the dearness allowance for bank pensioners has also been raised. Those who retired after 1.11.2017, will get a Dearness Relief of 30.38 per cent on pension. DR is payable to pensioners of IBA’s member banks under regulation 37 of Bank Employees’ Pension Regulations.
How Dearness Allowance hike for bank employees is Calculated
The All-India Consumer Price Index – Industrial Workers is released by the ministry of labour and employment, on the last working day of every month for previous month.
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The central government had earlier released average All India Consumer Price Index Numbers (AICPIN) for Industrial Workers for the quarter April, May, and June 2021. With these average AICPIN data, the Dearness Allowances for bank employees is calculated.