- Wage revision for PSGIC employees effective from August 1, 2022, with a 14% hike in basic pay and DA
- NABARD employees to get about 20% pay increase from November 1, 2022, covering Group A, B, and C staff
- Pension revision approved for RBI retirees, increasing pensions by 10% plus dearness relief from Nov 1, 2022
The Central Government on Friday approved the wage revision for Public Sector General Insurance companies (PSGICs) and National Bank for Agriculture and Rural Development (NABARD). Additionally, it has approved pension revision for retirees of Reserve Bank of India (RBI) and NABARD.
Here are the highlights of the same:
PSGICs:
Wage Revision: The wage revision for the employees of PSGICs will be effective from Aug 1, 2022. The overall hike in wage bill shall be 12.41% with an increase of 14% on existing Basic Pay and Dearness Allowance. A total of 43,247 PSGIC employees will benefit from this revision. The revision also incorporates an enhancement in NPS contribution from 10% to 14% for a better future of employees who had joined after April 1, 2020.
Family Pension Revision: Family pension has been revised at the uniform rate of 30% from the date of publication in the official gazette, which will benefit 14,615 family pensioners out of a total of 15,582 existing family pensioners.
The PSGICs include National Insurance Company Ltd. (NICL), New India Assurance Company Ltd. (NIACL), Oriental Insurance Company Ltd. (OICL), United India Insurance Company Ltd. (UIICL), General Insurance Corporation of India (GIC), and Agricultural Insurance Company Ltd. (AICIL).
NABARD
Pay Revision: Effective from Nov 1, 2022, the hike in pay and allowances is about 20% for all Group ‘A', ‘B' and ‘C' employees in NABARD. It would benefit around 3800 serving and former employees.
Pension Revision: Basic pension/family pension to retirees of NABARD, who were originally recruited by NABARD and retired before Nov 1, 2017, have now been brought on par with that of ex-RBI NABARD retirees.
RBI
Pension Revision: The Government has approved the revision of pension and family pension to the retirees of the Reserve Bank of India (RBI).
Under the approved revision, pension and family pension shall be enhanced by 10% on basic pension plus dearness relief, with effect from Nov 1, 2022. This would result in an effective enhancement of basic pension by a factor of 1.43 for all retirees, leading to a substantial improvement in their monthly pension. The revision will benefit a total of 30,769 beneficiaries, comprising 22,580 pensioners and 8,189 family pensioners.
✅ Central Government approves the Wage Revision as well as Pension Revision for the employees and pensioners of PSGICs, NABARD and RBI
— Ministry of Finance (@FinMinIndia) January 23, 2026
✅ Approx. 46322 employees, 23570 pensioners and 23260 family pensioners to be benefited
For more Read at : https://t.co/WMteRx8mCO…
A total of approx. 46,322 employees, 23,570 pensioners and 23,260 family pensioners will benefit from the wage revision, the Ministry of Finance said in a release.
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