Centre Clears ₹11,500 Crore Pay, Pension Revision for Insurers, RBI, NABARD Staff

• The government has approved significant wage and pension revisions for employees of public sector general insurance companies, NABARD, and RBI pensioners.
• The total financial outlay for these revisions is estimated to be over ₹11,500 crore, benefiting nearly 46,322 employees and over 46,800 pensioners/family pensioners.
• Public sector general insurance employees will receive a wage increase effective August 1, 2022, with family pension set at 30% and NPS contribution raised to 14%.
• NABARD employees' pay hike is effective from November 1, 2022, with pension revisions for retirees, aligning them with ex-RBI NABARD retirees.
• RBI retirees will see a 10% enhancement on basic pension plus dearness relief, effective November 1, 2022, with a total financial implication of ₹2,696.82 crore.

Why It Matters: The Centre's ₹11,500 crore outlay ensures significant pay and pension hikes for financial sector employees.