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 effective from August 1, 2022, with an overall hike in the wage bill of 12.41%. The revision includes an enhancement in the National Pension System (NPS) contribution from 10% to 14% for employees who joined after April 1, 2010.<\/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 total outgo for the wage revision will be approximately Rs 8,170.30 crore, which includes Rs 5,822.68 crore towards arrears, Rs 250.15 crore for NPS, and Rs 2,097.47 crore for 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). The pension revision for NABARD retirees will bring their basic pension and family pension on par with that of ex-RBI NABARD retirees. The revision will benefit around 3,800 serving and former employees, with an additional annual wage bill of around Rs 170 crore and a total payment of arrears amounting to around Rs 510 crore.<\/p>\n
The pension revision for RBI retirees will result in an enhancement of basic pension by a factor of 1.43, leading to a substantial improvement in their monthly pension. The revision will benefit a total of 30,769 beneficiaries, comprising 22,580 pensioners and 8,189 family pensioners, with a total financial implication of Rs 2,696.82 crore. The government has stated that these revisions are aimed at improving the welfare of employees and retirees in these organizations.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 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_post_was_ever_published":false,"_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":""},"categories":[22,27,39],"tags":[],"class_list":["post-222752","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":222726,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/24\/centre-approves-wage-pension-revisions-for-psgics-nabard-and-rbi\/","url_meta":{"origin":222752,"position":0},"title":"Centre approves wage, pension revisions for PSGICs, NABARD and RBI","author":"Team Small News","date":"January 24, 2026","format":false,"excerpt":"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\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":222752,"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":222752,"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":222752,"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":222661,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/13\/the-punjab-government-has-signed-an-agreement-to-introduce-a-cashless-health-insurance-program-which-is-set-to-be-launched-on-january-15\/","url_meta":{"origin":222752,"position":4},"title":"The Punjab government has signed an agreement to introduce a cashless health insurance program, which is set to be launched on January 15.","author":"Team Small News","date":"January 13, 2026","format":false,"excerpt":"The Punjab government has signed an agreement with the United India Insurance Company to launch the \"Mukh Mantri Sehat Yojna\" on January 15. This scheme will provide a cashless health insurance cover of Rs 10 lakh to all families in the state. The agreement was signed by the CEO of\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":222586,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/03\/punjab-has-signed-an-agreement-to-launch-a-cashless-health-insurance-program-which-is-set-to-be-implemented-on-january-15\/","url_meta":{"origin":222752,"position":5},"title":"Punjab has signed an agreement to launch a cashless health insurance program, which is set to be implemented on January 15.","author":"Team Small News","date":"January 3, 2026","format":false,"excerpt":"The state government of Punjab has signed an agreement with the United India Insurance Company to launch a cashless health insurance scheme called 'Mukh Mantri Sehat Yojna' on January 15. The scheme will provide a cashless health insurance cover of up to Rs 10 lakh per family per year to\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":[]}],"_links":{"self":[{"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/posts\/222752","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=222752"}],"version-history":[{"count":0,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/posts\/222752\/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=222752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/categories?post=222752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/smallnews.in\/insurance\/wp-json\/wp\/v2\/tags?post=222752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}