New Delhi, Jan 23 (PTI): The central government has approved major wage revisions for employees of PSU General Insurance companies and NABARD, along with pension revisions for retirees of the Reserve Bank of India (RBI) and NABARD, benefiting tens of thousands of employees and pensioners, the Finance Ministry announced on Friday.
A total of 46,322 employees, 23,570 pensioners, and 23,260 family pensioners will benefit from the revisions.
For PSU General Insurance employees, the wage revision will be effective from August 1, 2022, with a total financial outgo of ₹8,170.30 crore. This includes ₹5,822.68 crore towards arrears under the wage revision, ₹250.15 crore for NPS contributions, and ₹2,097.47 crore for family pensions.
For NABARD staff, the wage revision will take effect from November 1, 2022, with an additional annual wage bill of ₹170 crore and arrears payments amounting to around ₹510 crore. Pension revisions will include a one-time arrear payment of ₹50.82 crore, along with an additional monthly outgo of ₹3.55 crore for 269 pensioners and 457 family pensioners at NABARD.
The government has also approved pension and family pension revisions for RBI retirees, which will see a 10% enhancement on basic pension plus dearness relief, effective November 1, 2022. The total financial impact is estimated at ₹2,696.82 crore, including a one-time arrear payment of ₹2,485.02 crore and a recurring annual expenditure of ₹211.80 crore.
The move is expected to boost the income of public sector employees and retirees, while reflecting the government’s commitment to ensuring fair compensation and welfare for financial sector staff.
Category: Breaking News
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