DA Hike Sep 2024: Good News for Employees and pensioners, Increment in dearness allowance possible in September, salary can be increased by up to Rs 50,000. Good news for over 10 crore central government employees and pensioners in the country. The All India CPI-IW for June 2024 has increased by 1.5 points to 141.5, and in such a situation, the DA/DR may increase by 4%. Hopefully, it will be announced in the Cabinet meeting to be held in September. The new interest rate will be applicable from July 2024, in which case interest on late payment for July and August will also be available.
The Central Government revises the DA and DR rates of employees and pensioners twice a year, in January and July, based on the half-yearly data of the AICPI index. DA was increased by 4% from January and then increased from 46% to 50% in March. At the same time, allowances and retirement benefits were also increased.
The next DA hike will take place from July 2024 and will depend on the value of the AICPI index for January to June 2024. The value till June was 141.4 and DA value was 53.36, so DA should increase by 4%. C. Sreekumar, member of the Joint Chiefs of Staff (JCM) and general secretary of the All India Defence Employees Federation (AIDEF), said that when the final chart is prepared for January to June 2024, DA/DR will be prepared based on it. We expect an DA increase of at least 4%. The increase is certain. It is expecting that the new interest rates may be announced in September.
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DA Hike Sep 2024
Currently, the DA is 50% but it is expecting that it may increase by another 4% from July 2024. In such a case, the Dearness Allowance will increase from 50% to 54%. It is expecting that the DA hike will be announced in the September Cabinet meeting. Since the DA will increase from July, in that case, the employees will also get the benefit of two months of arrears. If an employee’s basic salary is Rs 18,000, then based on 54% DA, his salary will be approximately Rs 720 DA per month. If employee’s basic salary is Rs 52,000, then they will get Rs 2,080 allowance per month and Rs 28,080 allowance per year.
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DA Calculation Formula
There is a formula to calculate the cost-of-living allowance (DA) for central government employees and pensioners. The increment in Dearness Allowance is calculated based on the All-India Consumer Price Index (AICPI). AICPI tracks the change in retail prices across various sectors.
- Dearness Allowance for central government employees is calculated as follows: DA% = [(average of AICPI (base year 2001 = 100) for the last 1 Year (12 months) – 115.76)/115.76] x 100
- Dearness Allowance for public sector employees is calculated as follows: DA% = [(average of AICPI (base year 2001 = 100) for the last 3 months – 126.33)/126.33] x 100
