New Delhi: The government has opened its coffers for employees and pensioners of general insurance public sector undertakings (PSUs), NABARD, and the Reserve Bank of India, whose fortunes are set to improve. The central government has announced the approval of salary and pension revisions for these employees and pensioners.
This decision will prove highly effective in providing relief from inflation to employees and pensioners, benefiting a large number of people. According to a report from the Union Finance Ministry, the salary revision will benefit a total of 46,322 employees, 23,570 pensioners, and 23,260 family pensioners.
Read More: Moto Watch 2026 Officially Launched in India Today- It Has up to 13 Days Battery Life, Check Price
Read More: iPhone 17 Pro Max available with Rs 5,000 discount with many amazing Bank Offers, See New MRP!
Employees and pensioners of general insurance PSUs had been demanding this for a long time, but the government had not granted permission. This decision was taken considering the rising inflation and the expenses of employees and pensioners. This matter had been under consideration for a long time, but the employees and pensioners had not given up hope.
When will the salary revision for employees be implemented?
The Finance Ministry’s decision states that the salary revision for employees of general insurance PSUs will be implemented from August 1, 2022. This will increase the burden on the government exchequer. The total government expenditure will be approximately Rs 8,170 crore. This includes salary arrears, NPS contributions, and family pension amounts.
The government will need to spend approximately Rs 5,800 crore on salary arrears alone. The salary revision for NABARD employees will be implemented from November 1, 2022. This will result in an additional burden of approximately Rs 170 crore on salaries every year.
Approximately Rs 510 crore will be paid as arrears. Furthermore, the government has also approved pension revisions for NABARD pensioners and family pensioners. This will involve a one-time payment of approximately Rs 50 crore in arrears. An additional expenditure of Rs 3.5 crore will be incurred every month.
Relief for Retired Employees and their Families
Retired employees of the Reserve Bank of India and their families have also received a significant benefit. The government has increased the pension and family pension of retired employees by up to 10 per cent. This increase will be effective from November 1, 2022.
The total expenditure on this will be approximately ₹2,700 crore. This includes both arrears and annual expenses. The government says that this decision will significantly strengthen the financial position of the employees and pensioners and will also fulfil their long-standing demands.