The Indian Banks' Association (IBA) has announced a 4.27% increase in Dearness Allowance (DA) for bank employees, effective from November 2023 to January 2024. This will take the DA rate from the current 44.24% to 48.51%. This is the biggest gain in DA for bank employees in the previous 24 months.
The announcement comes after the IBA released the AICPIN for September 2023, which showed a rise in the cost of living index. The DA hike is a welcome relief for bank employees, who have been facing the brunt of rising inflation.
The DA hike will benefit all bank employees, including officers, clerks, and sub-staff. It is estimated that the average bank employee will receive an additional Rs. 2,000-3,000 per month in DA.
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