New Delhi: The central government has approved revisions in the salaries and pensions of employees and pensioners of Public Sector General Insurance Companies (PSGIC), National Bank for Agriculture and Rural Development (NABARD), and the Reserve Bank of India (RBI). This decision will benefit over 90,000 government employees and pensioners, the Finance Ministry announced on Friday.
Salary Revision for PSGIC Employees
The salary revision for PSGIC employees will be effective from 1 August 2022, with an overall increase of 12.41 percent. This includes a 14 percent hike in basic pay and Dearness Allowance (DA). About 43,247 employees of PSGIC will benefit from this revision. Additionally, the contribution to the National Pension System (NPS) has been raised from 10 percent to 14 percent to enhance the future financial security of employees hired after 1 April 2010.
The Finance Ministry also stated that family pensions in PSGIC have been uniformly increased by 30 percent from the date of official gazette notification. This revision will benefit 14,615 family pensioners out of a total of 15,582 current beneficiaries, recognising their valuable contribution to the organisation.
The total expenditure on these revisions is estimated to be around ₹8,170.30 crore, which includes ₹5,822.68 crore for salary arrears, ₹250.15 crore for NPS, and ₹2,097.47 crore for family pension payments.
The PSGIC group includes National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, United India Insurance Company Limited, General Insurance Corporation of India, and Agricultural Insurance Company Limited.
NABARD Salary and Pension Enhancements
The salaries and allowances of all Group ‘A’, ‘B’, and ‘C’ employees of NABARD have been increased by approximately 20 percent, effective from 1 November 2022. This revision will benefit nearly 3,800 serving and retired employees.
The annual salary bill will see an increase of around ₹170 crore, with about ₹510 crore payable as arrears. Pension revisions will involve a one-time arrear payment of ₹50.82 crore and an additional monthly pension payment of ₹3.55 crore to 269 pensioners and 457 family pensioners of NABARD.
Revision of RBI Pension Benefits
The government has also approved modifications to the pensions and family pensions of retired RBI employees. This move aligns with the government’s commitment to ensure appropriate, adequate, and sustainable retirement benefits for senior citizens and their dependents.
Under the approved revision, both basic pension and Dearness Relief will be increased by 10 percent, effective from 1 November 2022. This translates to an effective increase of 1.43 times in the basic pension, significantly improving the monthly pension of all retirees.
Approximately 30,769 beneficiaries will receive this benefit, including 22,580 pensioners and 8,189 family pensioners. The total financial impact is estimated at ₹2,696.82 crore, with ₹2,485.02 crore allocated for arrears and ₹211.80 crore for recurring annual expenses.
These revisions reflect the government’s efforts to boost morale among financial sector employees and safeguard the social security of pensioners.
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