diff --git a/charts/opensearch-cluster/Chart.yaml b/charts/opensearch-cluster/Chart.yaml
index 00143938a..14742413b 100644
--- a/charts/opensearch-cluster/Chart.yaml
+++ b/charts/opensearch-cluster/Chart.yaml
@@ -4,7 +4,7 @@ description: A Helm chart for OpenSearch Cluster
 type: application
 
 ## The opensearch-cluster Helm Chart version
-version: 3.1.0
+version: 3.1.1
 
 ## The operator version
 appVersion: 2.8.0
diff --git a/charts/opensearch-cluster/README.md b/charts/opensearch-cluster/README.md
index e72c6b7c2..827785334 100644
--- a/charts/opensearch-cluster/README.md
+++ b/charts/opensearch-cluster/README.md
@@ -50,6 +50,7 @@ A Helm chart for OpenSearch Cluster
 | cluster.general.imagePullPolicy | string | `"IfNotPresent"` | Default image pull policy |
 | cluster.general.keystore | list | `[]` | Populate opensearch keystore before startup |
 | cluster.general.monitoring.enable | bool | `false` | Enable cluster monitoring |
+| cluster.general.monitoring.labels | object | `{}` | Additional labels to apply to the generated ServiceMonitor |
 | cluster.general.monitoring.monitoringUserSecret | string | `""` | Secret with 'username' and 'password' keys for monitoring user. You could also use OpenSearchUser CRD instead of setting it. |
 | cluster.general.monitoring.pluginUrl | string | `""` | Custom URL for the monitoring plugin |
 | cluster.general.monitoring.scrapeInterval | string | `"30s"` | How often to scrape metrics |
diff --git a/charts/opensearch-cluster/values.yaml b/charts/opensearch-cluster/values.yaml
index e4496527a..163328218 100644
--- a/charts/opensearch-cluster/values.yaml
+++ b/charts/opensearch-cluster/values.yaml
@@ -68,6 +68,9 @@ cluster:
       # -- Enable cluster monitoring
       enable: false
 
+      # -- Additional labels to apply to the generated ServiceMonitor
+      labels: {}
+
       # -- Secret with 'username' and 'password' keys for monitoring user. You could also use OpenSearchUser CRD instead of setting it.
       monitoringUserSecret: ""