The Indian government has approved a long-awaited wage revision for Public Sector General Insurance companies (PSGICs) and the National Bank for Agriculture and Rural Development (NABARD). This revision will benefit approximately 46,322 employees, 23,570 pensioners, and 23,260 family pensioners across these organizations. The wage revision for PSGIC employees will be effective from August 1, 2022, and will result in a 12.41% increase in the overall wage bill, with a 14% hike in basic pay and dearness allowance.<\/p>\n
The revision also includes an increase in the National Pension System (NPS) contribution from 10% to 14% for employees who joined after April 1, 2010. Family pension has been revised to a uniform rate of 30% from the date of publication in the official gazette, benefiting 14,615 family pensioners. The total outgo for this revision is estimated to be Rs 8,170.30 crore, which includes arrears of wage revision, NPS contributions, and family pension.<\/p>\n
In addition to the wage revision, the government has also approved a pension revision for retirees of NABARD and the Reserve Bank of India (RBI). For NABARD, the hike in pay and allowances is approximately 20% for all Group ‘A’, ‘B’, and ‘C’ employees, effective from November 1, 2022. This will benefit around 3,800 serving and former employees. The pension revision for NABARD retirees who were originally recruited by NABARD and retired before November 1, 2017, has been brought on par with that of ex-RBI NABARD retirees.<\/p>\n
The government has also approved the revision of pension and family pension to the retirees of the RBI, which will result in an effective enhancement of basic pension by a factor of 1.43 for all retirees. This revision will benefit a total of 30,769 beneficiaries, comprising 22,580 pensioners and 8,189 family pensioners. The total financial implication for this revision is estimated to be Rs 2,696.82 crore, which includes a one-time expenditure of Rs 2,485.02 crore towards arrears and a recurring annual expenditure of Rs 211.80 crore.<\/p>\n
The PSGICs that will be affected by this revision include National Insurance Company Ltd., New India Assurance Company Ltd., Oriental Insurance Company Ltd., United India Insurance Company Ltd., General Insurance Corporation of India, and Agricultural Insurance Company Ltd. The wage and pension revisions are expected to improve the financial well-being of the employees and retirees of these organizations.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Indian government has approved a long-awaited wage revision for Public Sector General Insurance companies (PSGICs) and the National Bank for Agriculture and Rural Development (NABARD). This revision will benefit approximately 46,322 employees, 23,570 pensioners, and 23,260 family pensioners across these organizations. The wage revision for PSGIC employees will be effective from August 1, 2022, […]<\/p>\n","protected":false},"author":1,"featured_media":221269,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[22,27,39],"tags":[],"class_list":["post-222726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-new-india-assurance","category-united-india-insurance"],"jetpack_featured_media_url":"https:\/\/smallnews.in\/insurance\/wp-content\/uploads\/sites\/5\/2025\/04\/united-india-insuracne.jpg","jetpack_shortlink":"https:\/\/wp.me\/p9ibIB-VWm","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":222752,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/28\/centre-approves-wage-pension-revisions-for-psgics-nabard-and-rbi-2\/","url_meta":{"origin":222726,"position":0},"title":"Centre approves wage, pension revisions for PSGICs, NABARD and RBI.","author":"Team Small News","date":"January 28, 2026","format":false,"excerpt":"The Indian government has approved a long-pending wage revision for Public Sector General Insurance companies (PSGICs) and the National Bank for Agriculture and Rural Development (NABARD). The revision will benefit approximately 46,322 employees, 23,570 pensioners, and 23,260 family pensioners across these organizations. The wage revision for PSGIC employees will be\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/smallnews.in\/insurance\/category\/insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222773,"url":"https:\/\/smallnews.in\/insurance\/2026\/02\/08\/india-approves-wage-and-pension-hikes-for-insurance-employees-nabard-and-rbi-retirees\/","url_meta":{"origin":222726,"position":1},"title":"India approves wage and pension hikes for insurance employees, NABARD, and RBI retirees.","author":"Team Small News","date":"February 8, 2026","format":false,"excerpt":"The Indian government has announced wage and pension revisions for various public sector entities, including Public Sector General Insurance Companies (PSGICs), the National Bank for Agriculture and Rural Development (NABARD), and the Reserve Bank of India (RBI). The revisions aim to provide relief to employees and pensioners by helping them\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/smallnews.in\/insurance\/category\/insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222723,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/23\/11-6k-cr-pay-day-at-psu-insurers-rbi\/","url_meta":{"origin":222726,"position":2},"title":"11.6k cr pay day at PSU insurers, RBI","author":"Team Small News","date":"January 23, 2026","format":false,"excerpt":"The Indian government has approved a retrospective wage and pension reset for employees of public sector general insurers, the Reserve Bank of India (RBI), and the National Bank for Agriculture and Rural Development (Nabard). The total payout is estimated to be around Rs 11,640 crore. The majority of this amount,\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/smallnews.in\/insurance\/category\/insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222742,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/26\/punjab-government-to-launch-rs-10-lakh-cashless-health-insurance-scheme-in-partnership-with-united-india-insurance\/","url_meta":{"origin":222726,"position":3},"title":"Punjab Government to Launch Rs 10 Lakh Cashless Health Insurance Scheme in Partnership with United India Insurance","author":"Team Small News","date":"January 26, 2026","format":false,"excerpt":"The Punjab government is set to launch a new health insurance scheme, 'Mukh Mantri Sehat Yojna' (MMSY), on January 15, 2026, which aims to provide cashless treatment up to \u20b910 lakh per family per year to all residents of Punjab. The scheme, which will be launched by Chief Minister Bhagwant\u2026","rel":"","context":"In "Care"","block_context":{"text":"Care","link":"https:\/\/smallnews.in\/insurance\/category\/care\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222772,"url":"https:\/\/smallnews.in\/insurance\/2026\/02\/06\/pnb-metlife-has-introduced-the-pension-premier-multicap-fund-as-part-of-its-retirement-savings-plan-the-funds-net-asset-value-nav-and-subscription-window-details-are-now-available-for-investors-to\/","url_meta":{"origin":222726,"position":4},"title":"PNB MetLife has introduced the Pension Premier Multicap Fund as part of its retirement savings plan. The fund’s net asset value (NAV) and subscription window details are now available for investors to review.","author":"Team Small News","date":"February 6, 2026","format":false,"excerpt":"PNB MetLife India has launched a new pension fund, the PNB MetLife Pension Premier Multicap Fund, as part of its Unit-Linked Insurance Plans (ULIPs) offerings. The fund is available for subscription from April 1 to April 15, 2025, and is designed to help customers build secure retirement savings. The fund\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/smallnews.in\/insurance\/category\/insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":222762,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/31\/chief-ministers-health-insurance-scheme-reveals-that-kidney-and-heart-treatments-are-the-most-common-claims-in-chennai\/","url_meta":{"origin":222726,"position":5},"title":"Chief Minister’s health insurance scheme reveals that kidney and heart treatments are the most common claims in Chennai.","author":"Team Small News","date":"January 31, 2026","format":false,"excerpt":"The Chief Minister's Health Insurance Scheme in Tamil Nadu has reported that treatment for kidney and heart diseases are the most common claims under the scheme. According to data from the Tamil Nadu State Health Systems Project, dialysis is the most opted procedure, followed by angiography-stenting and cardiac bypass surgery.\u2026","rel":"","context":"In "Insurance"","block_context":{"text":"Insurance","link":"https:\/\/smallnews.in\/insurance\/category\/insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/posts\/222726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/comments?post=222726"}],"version-history":[{"count":0,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/posts\/222726\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/media\/221269"}],"wp:attachment":[{"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/media?parent=222726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/categories?post=222726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/tags?post=222726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}