DA hike: Big good news for these employees! Increment in Dearness Allowance announced
The Dearness Allowance (DA) for the public sector bank employees has been announced at 4.2 per cent that will lead to a huge jump in their monthly salary.
It is a piece of good news for bank professionals. The Dearness Allowance (DA) for the public sector bank employees has been announced at 4.2 per cent that will lead to a huge jump in the monthly salary of the bank employees. The Indian Banks Association (IBA) has issued the notification in this regard. In the AIB notification, it has been said that December 2019 numbers of the AIACPI (All India Average Consumer Price Index) have come out and the inflation number has scaled to 7532.55, which was 7486.90 in November 2019 and 7418.42 in October 2019.
This DA hike to the tune of 4.2 per cent will lead to a hike in the monthly salary of the PSU bank employees. In any bank, a Bank PO (Probationary Officer) gets an initial salary of Rs 27,620 and with 4.2 per cent hike, their monthly salary is expected to go up by around Rs 1,160 per month. During adjustment of the DA for bank employees, four increments are also added. Hence, after 4.2 per cent DA hike, a Bank PO's basic salary per month will become Rs 42,020. Those who are already getting this basic salary will get a monthly salary hike of Rs 1,764. Forget about the bank officers who have a service record of decades.
See Zee Business Live TV streaming below:
Here is how the DA calculation is being done:
DA Slab 7449-4440= 3039/4=759 (75.9%)
DA Slab in last quarter = 717 (71.7%)
Hence, the net DA hike is 75.9 - 71.7 = 4.2%
Demand for change in the pension system
Demanding salary revision and change in the pension system, bank employees had gone on a nation-wide strike on 31st January 2020 to 1st February 2020. A bank official said that since November 2017, salary revision of the bank employees is pending. In fact, retired bank employees have also demanded a change in the pension system. They have raised the demand for change in the family pension system, health insurance at a lower premium in sync with the existing bank employees, etc. Speaking on the matter Ashwini Rana, Former Secretary-General at National Organisation of Bank Workers said that there is an urgent need for change in Banking Pension Scheme.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
06:19 PM IST