IBA hikes DA for bank employees by 15.97% for May-July

New Delhi: In a significant development, Indian Bank’s Association (IBA) in a notification on Monday announced a 15.97 per cent increase in the dearness allowance (DA) for bank employees for the month of May, June, and July.

The IBA notification outlined the revised rates of dearness allowance in accordance with the 12th Bipartite Settlement and the Joint Note dated March 8, 2024.

“In terms of clause 13 of the 12th Bipartite Settlement dated 08.03.2024 and clause 2 (i) of the Joint Note dated 08.03.2024, the rate of Dearness Allowance payable to Workmen and Officer employees for the months of May, June & July 2024 shall be 15.97 per cent ‘of ‘pay’ (0.01 per cent change in DA on ‘pay’ for change in every second decimal place of Consumer Price Index 2016 over 123.03 points),” the IBA notification said.

The Consumer Price Index (CPI) for Industrial Workers (all India average), based on the 2016 scale where 100 is the base, has been confirmed for the quarter ending March 2024.

It stood at 138.9 In January 2024, at 139.2 in February 2024 and at 138.9 in March 2024.

The IBA and bank employee unions, reached an agreement on an annual wage increase of 17 per cent in March

this year.