Big Relief: Govt Clears Wage, Pension Revision for RBI, PSGICs, NABARD Employees

• The central government has approved long-pending wage and pension revisions for employees and pensioners of Public Sector General Insurance Companies (PSGICs), NABARD, and RBI.
• Over 93,000 beneficiaries across the financial sector will receive financial relief, including 46,322 employees, 23,570 pensioners, and 23,260 family pensioners.
• PSGICs employees will see a 12.41% hike in wage bill, including a 14% increase in basic pay and DA, effective August 1, 2022. Family pension is revised to a uniform 30%.
• NABARD employees will receive an average 20% increase in pay and allowances, effective November 1, 2022. Pension for NABARD retirees is also revised.
• RBI retirees will benefit from a pension and family pension enhancement of 10% on basic pension plus dearness relief, effective November 1, 2022, impacting 30,769 beneficiaries.

Why It Matters: Government approves significant wage and pension revisions for RBI, PSGICs, and NABARD employees and pensioners.