New Delhi, Jan 23: In a major boost to the financial security of employees and pensioners in key financial institutions, the Centre on Friday approved **wage and pension revisions** for employees and retirees of **Public Sector General Insurance Companies (PSGICs)**, the **National Bank for Agriculture and Rural Development (NABARD)** and the **Reserve Bank of India (RBI)**.
The wage revision for about **43,247 PSGIC employees** will be effective from **August 1, 2022**, providing a **14 per cent increase in Basic Pay and Dearness Allowance**, resulting in an overall **12.41 per cent rise in the wage bill**. The government has also raised the **National Pension System (NPS) contribution from 10 per cent to 14 per cent** for employees who joined after April 1, 2010. Nearly **14,615 family pensioners** will receive a **uniform 30 per cent revision** in family pension. The total financial implication for PSGICs is estimated at **Rs 8,170.30 crore**.
For **NABARD**, around **3,800 serving and retired employees** across Group A, B and C categories will receive a **20 per cent hike in pay and allowances** effective **November 1, 2022**. Pension revision has also been approved for retirees who joined and retired before November 1, 2017. The pay revision will add about **Rs 170 crore annually**, with arrears of nearly **Rs 510 crore**, while pension revision will involve a one-time arrear of **Rs 50.82 crore**.
In the case of the **RBI**, a **10 per cent increase in basic pension plus dearness relief** has been sanctioned from **November 1, 2022**, benefiting **30,769 pensioners and family pensioners**. The total financial impact is estimated at **Rs 2,696.82 crore**.
Overall, the revision will benefit **over 46,000 employees and nearly 47,000 pensioners and family pensioners**, reaffirming the government’s commitment to social security and relief from rising living costs. (UNI)
