Banking News

Dearness Allowance (DA) for Bank employees and officers for the months of May 2016 to July 2016

On the basis of CPI data announced by the Government for the month of Janaury 2016 to March 2016, the DA payable for Bank employees and officers  for the months of  May 2016 to July 2016 is reduced by 7 slabs at a rate of 0.10% per slab.

The DA for the quarter Febraury 2016 to April 2016 was 42.60% of basic which will be reduced to 41.90% for the ensuing quarter.

Slab calculation:

Average CPI for the Quarter January 2016 to March 2016 is 1676 points (after merger of 4440 points of DA with basic in the 10 BPS).

1676 is divided by 4= 419 slabs

Number of slabs for the previous quarter is 426 slabs

Decrease in Slabs= (426 -419) i.e.  7 slabs=0.70% @0.10% per slab

Percentage of DA payable for May 2016 to July 2016 (  42.60%- 0.70%)= 41.90%

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