Salary Hike: The Central Government has given a wonderful gift to millions of employees and pensioners of Public Sector Insurance Companies (PSGICs), NABARD, and the Reserve Bank of India (RBI) in the New Year. The government has approved the proposal for salary revision and pension increase, resulting in a substantial salary increase of up to 20%.
At the same time, the financial security of pensioners and family pensioners has also received a boost. If you are also associated with these institutions, this news directly relates to your future and bank balance. Find out which companies’ employees have received salary increases and when this new rule will be implemented.
A massive 12.41% salary hike
The wait is over for colleagues working in Public Sector General Insurance Companies (PSGICs). The government has approved their salary revision, which will be effective from August 1, 2022. Following this decision, employees’ total salaries will increase by 12.41%. This increase includes a 14% increase in basic pay and dearness allowance (DA).
Not only this, the government has taken a major step to further secure the future of employees who joined service after April 1, 2010. The company’s contribution to its NPS (National Pension System) has now been increased from 10% to 14%. This means your retirement planning will now be even more robust.
These 6 government insurance companies will directly benefit
- 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)
- Agriculture Insurance Company Limited (AICIL)
Uniform 30% increase in family pension
The government has taken full care of not only the working population, but also the retired elderly and their families. The pension for PSGIC family pensioners has now been revised at a uniform rate of 30%. This historic decision will directly benefit approximately 14,615 families. This change will come into effect from the date of publication in the official gazette, eliminating the need for dependent families to depend on others for their needs.
Diwali-like atmosphere at NABARD
This news is nothing short of a jackpot for NABARD employees. The government has announced a massive increase of approximately 20% in the salaries and allowances of all Group A, B, and C employees. This new salary structure will be effective from November 1, 2022.
On the pension front, there is also good news for retired NABARD employees who retired before November 1, 2017. Their basic pension and family pension have now been equalized with those of former retired employees of the Reserve Bank of India (RBI). This will resolve a long-standing discrepancy among pensioners.
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RBI Pensioners in the News
The government has also opened its coffers for retired employees of the Reserve Bank of India (RBI). As per the approved amendment, pension and family pension have been increased by 10% based on basic pay and DA. This change will also be effective from November 1, 2022. The biggest impact of this increase will be that the basic pension of all retired employees will effectively increase by 1.43 times. This is a major relief for senior citizens who want to live a respectable life in these times of inflation.