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Dearness Relief Announced for Bank Pensioners from August 2024 to January 2025

Key Points:

▪️. Dearness Relief (DR) Announcement: The Indian Banks’ Association (IBA) declared Dearness Relief (DR) rates for bank pensioners for the period of August 2024 to January 2025.

▪️. Slab Rates Based on Retirement Dates:
- Pensioners who retired between January 1, 1986, and before November 1, 1992, will get a DR rate of 1443.18%.
- Pensioners retired on or after November 1, 1992, will get 705.95%.
- DR rates for those retired post-1998 and onwards are categorized in decreasing percentages depending on retirement dates.

▪️. 100% Neutralization for Pre-2022 Retirees: For retirees before November 1, 2002, 100% DR neutralization has been implemented along with ex-gratia payments to specific pensioners.

▪️. Five-Day Bank Workweek Update: Discussions between IBA and bank unions for implementing a five-day work week are ongoing. Official government approval is pending, but the change is anticipated soon.

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