Bank Pensioners – An increase of 77 Slabs for the half year February to July 2021
Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
No. CIR / HR& IR / D/G2 / 2020-21 / 9589 February 1, 2021
Designated Officers of all Member Banks
which are parties to the Bipartite Settlement on Pension
Dear Sir/ Madam,
Dearness Relief payable to Pensioners for the period February 2021 to July 2021
The confirmed All India Average Consumer Price Index Numbers for Industrial Workers (Base 1960=100) for the quarter ended December 2020 are as follows:-
| Month | Index nos. base 2016=100 (X) |
Index nos base 2001=100 (X* 2.88) |
Index nos base 1960=100 (X*2.88*4.63*4.93) |
| October 2020 | 119.5 | 344.16 | 7855.76 |
| November 2020 | 119.9 | 345.31 | 7882.07 |
| December 2020 | 118.8 | 342.14 | 7809.74 |
In terms of Regulation 37 of Bank Employees’ Pension Regulations, 1995 Dearness Relief is payable to pensioners at rates specified in Appendix II to the Regulations.
Pending amendments to Pension Regulations, Banks may pay on ad hoc basis, the Dearness Relief payable to pensioners for the period February 2021 to July 202 las per Annexure.
Yours faithfully,
SD/-
S K Kakkar
Senior Advisor (HR & IR)
Also Read: Bank Employees Dearness Allowance Payable from 1st February 2021 to 30th April 2021
I) Based on the quarterly average of 7848, the increase in DR Rate effective for the half year February 21 to July 21 comes to 77 slabs (7.7% increase) and total DR works out to 85.2% of Basic Pension for the pensioners, (other than family Pensioners), who are being paid Dearness relief on CPI = 4440,
II) The Dearness Relief in respect of all family pensioners who are being paid DR based on CPI = 2836 will be 187.95% of Family Pension.
Rate of Dearness Relief in respect of ex-gratia recipients: 1214.04 %
III) The in service employees will get 33 slabs more.
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