IBA declared Dearness Relief to Bank Pensioners
Indian Banks’ Association has circulated to all member banks pertaining to the declaration of Dearness Relief to pensioners. For the period of August 2012 to January 2013, according to All India Average Consumer Price Index Numbers for IW(Base 1960=100) for the quarter ended June, 2012, the revised rate of Dearness Relief has been declared.
The Dearness Relief is payable to pensioners, in terms of Regulations 37 of Bank Employees’ Pension Regulations, 1995, the pension details are given in the annexures which are all divided into five parts in accordance with the retirement year. Part-I table describes, who retired on or after 1.1.1986, but before 1.11.1992/1.7.1993. Part-II for who retired on or after 1.11.1992/1.7.1993, Part-III for who retired on or after 1.4.1998, Part-IV for who retired on or after 1.11.2002 and Part-V for who retired on or after 1st Nov 2007.
Dearness Relief is payable to pensioners, who retired on or after 1.11.2007 for the period from August 2012 to January 2012 will be calculated as 70.20% of basic pension.