The Union Government has nodded to comprehensive pay and pension upgrades for over 90,000 personnel linked to critical financial bodies: Public Sector General Insurance Companies (PSGIC), NABARD, and RBI retirees. Unveiled by the Finance Ministry, these changes aim to bolster employee spirits and retiree welfare in India’s financial ecosystem.
Starting strong with PSGIC, the salary overhaul effective August 1, 2022, delivers a 12.41 percent overall increase—driven by 14 percent jumps in base salary and dearness allowance. A workforce of 43,247 will feel the impact, complemented by NPS contributions bumped to 14 percent for post-2010 hires. Family pensions get a flat 30 percent revision post-gazette notification, reaching 14,615 out of 15,582 eligible recipients as a tribute to their service.
Financially, PSGIC’s package clocks in at Rs 8,170.30 crore: Rs 5,822.68 crore for back pay, Rs 250.15 crore NPS boost, and Rs 2,097.47 crore for family pensions. The group includes heavyweights such as National Insurance, New India Assurance, Oriental, United India, GIC, and AIC.
NABARD’s revision, from November 1, 2022, hands nearly 20 percent raises to Groups A, B, and C staff, covering 3,800 individuals. Annual wage costs rise by Rs 170 crore, with Rs 510 crore in arrears; pensions add Rs 50.82 crore one-time and Rs 3.55 crore monthly for 726 beneficiaries.
For RBI, a 10 percent uplift on basic pension and relief from November 2022 translates to a 1.43-fold base increase for 30,769 people—22,580 pensioners and 8,189 family cases. Total tab: Rs 2,696.82 crore, including Rs 2,485.02 crore arrears and Rs 211.80 crore annual outgo.
This sweeping initiative reflects proactive governance, addressing inflation’s bite and ensuring sustained productivity across vital sectors. As these benefits roll out, expect a more motivated workforce driving India’s economic resilience.