7th Pay Commission: Big news! Order of DA increased by 33 percent issued, salary will increase from May, know details

Despite the increase in dearness allowance (DA Hike) of the employees of the Central Government 7th Pay Commission, the Indian Banks Association has made a big announcement on the dearness allowance of the employees of the bank. Actually, dearness allowance has been increased for the workers and officer employees in the bank. Orders have also been issued for this. After which the employees will be given the benefit of 33 percent dearness allowance along with the salary.

According to the order issued, the All India Consumer Price Index for Industrial Workers (base 1960=100) for the quarter ended March 2022 has been confirmed. which is like this :-

January 2022 – 8223.90

February 2022 – 8217.32

March 2022 – 8283.06

The average CPI of the above is 8241.42 and accordingly the number of DA slabs is 472 (8241 – 6352 = 1889/4 = 472 slabs). The last quarterly payment of DA was at 471 slab. Hence, there has been an increase in the DA slab of ‘1’ i.e. 472 slab for payment of DA for the quarter of May, June and July 2022.

As per Clause 7 of 11th Bilateral Agreement dated 11.11.2020 and Clause 3 of Joint Note dated 11.11.2020, the rate of Dearness Allowance payable to employees and officer employees for the months of May, June and July 2022 will be 33.04% of the salary. At the same time, according to the order issued, while calculating the dearness allowance payable, the decimal from the third place has been instructed to be ignored.

After which now bank employees will be paid salary with 33% DA from the month of April. This amount will be sent in the account of the same bank employees in the month of May. After which there will be a bumper increase in the salary of staff officers including bank workers.