Pension Hike: The Central Government has approved revisions in the basic pay and pensions of employees and pensioners of Government General Insurance Companies (PSGICs) and the National Bank for Agriculture and Rural Development (NABARD). Additionally, the Central Government has revised the basic pension/family pension of retired employees of the Reserve Bank of India (RBI). This move is expected to increase the salaries of employees, pensioners, and family pensioners and strengthen their financial security.
The salary revision for PSGIC employees will be effective August 1, 2022. The total salary increase will be 12.41%, which includes a 14% increase in the current basic salary and dearness allowance (DA). This change also includes an increase in the NPS contribution from 10% to 14% for employees who joined the service after April 1, 2010, to ensure a better future for them.
The government has revised the family pension for PSGIC family pensioners at a uniform rate of 30 percent, effective from the date of publication in the Official Gazette. This move by the central government is expected to benefit 14,615 family pensioners out of a total of 15,582 existing family pensioners.
Which companies come under PSGIC?
National Insurance Company Limited (NICL)
New India Assurance Company Limited (NIACL)
Oriental Insurance Company Limited (OICL)
United India Insurance Company Limited (UIICL)
General Insurance Corporation of India (GIC)
Agricultural Insurance Company Limited (AICIL)
Changes in salary and pension of NABARD employees
The salaries and allowances of all NABARD Group ‘A’, ‘B’, and ‘C’ employees have been increased by approximately 20%, effective November 1, 2022. The basic pension and family pension of NABARD employees recruited by NABARD and retired before November 1, 2017, have now been made equal to that of former retired RBI employees.
Changes in pension/family benefits of RBI employees
The government has approved revisions to the pension and family pension of retired employees of the Reserve Bank of India (RBI). Under the approved revision, pension and family pension will be increased by 10% on the basis of basic pension and dearness allowance (DA) effective November 1, 2022. This will effectively increase the basic pension of all retired employees by 1.43 times.