Expected DA Calculator for Bank Employees from Feb 2023
In order to offset the effects of inflation, the dearness allowance is granted to both retirees and government employees. Inflation in the economy affects how much DA is present. While it is reviewed on a half-yearly basis for Central Government employees, the Dearness Allowance is revised quarterly for employees of Public Sector Banks.
The 11th bipartite settlement between bank unions and IBA (Indian Bank’s Association) reached on November 11, 2020, provides for the payment of the Dearness Allowance to bank employees and Dearness Relief to bank pensioners. The agreement will go into effect on November 1, 2017. The Consumer Price Index (CPI) figure released by the Labor Bureau of India is used to calculate the dearness allowance.
We’ve made a Bank DA calculator to make it easier for you to figure out your new salary. After providing the data, you can click the “CALCULATED” option to determine your new salary amount.DA for Bankers from Feb 2023
Also Read: Expected DA Calculator from September 2023
Expected DA for Bank Employees | February 2023
The formula to calculate Bank DA (Dearness Allowance) is typically as follows:
DA = (Basic Salary x DA Percentage) / 100
where Basic Salary is the employee’s basic pay and DA Percentage is the rate of DA decided by the bank and is usually linked to the Consumer Price Index (CPI) for industrial workers. The DA percentage is revised periodically to align with the cost of living changes.
For bank personnel starting in February 2023, the expected DA is 41.16%. The current DA rate is 38.92% from November 2022 to January 2023. As a result, the dearness allowance will increase by 2.24% for the period from February to April 2023.
The Dearness Allowance (DA) for bankers will be based on CPI(IW) figures from October 2022 to December 2022 starting in February 2023. The most recent CPI(IW) data using 2016 as the base year are listed below.
Expected dearness allowance(DA) for bankers from May 2023 to July 2023 will be based on CPI(IW) for January 2023, February 2023 & March 2023.