7th Pay Commission Latest News Today: Apart from the Central government employees, here comes a piece of good news for the banking employees. The salary of bank employees will also increase from the month of August 2021 as their dearness allowance has been hiked to 27.79 per cent. As per a report by News 18, the Dearness Allowance (DA) for bank employees has been hiked to 27.79%, up by 2.1 per cent over the last quarter.Also Read - 7th Pay Commission: Central Govt Employees to Get Bumper Gifts Ahead of Diwali | Details Here

As per the report, the increment of the bank employees will be effective from August to October and applicable for bankers following 11th BPS salary structure. Also Read - 7th Pay Commission: Festive Bonanza For Central Govt Employees, They Are Likely to Get Benefits up to Rs 30,240

It must be noted that the DA for bank employees and workmen for 10th BPS has been increased by 3 per cent, compared to the last quarter. The report suggested that the hike in DA will be in place for the next three months, beginning from August. The Central government’s decision will benefit over 8 lakh employees in the banking sector. Also Read - Rajasthan Road Transport Union to go on Strike on Oct 27 Over 11 Pending Demands

For the general information, the Dearness Allowance is a component of salary of government and bank employees which is granted to cope up with the rising inflation. Moreover, the DA is calculated based on Consumer Price Index and revised in every quarter for bank employees and Central government employees. The dearness allowance is related to cost of living and it varies from employee to employee based on whether they work in urban sector, semi-urban sector or the rural sector.

The bank employees who retired after 1.11.2017 will get a Dearness Relief of 27.79 per cent on pension. It must be noted that the DR is payable to pensioners of IBA’s member banks under regulation 37 of Bank Employees’ Pension Regulations.