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 manage cost-of-living pressures and maintain a dignified standard of living after retirement.<\/p>\n
For PSGICs, the wage revision will take effect from August 1, 2022, and will cover 43,247 employees. The overall wage bill will rise by 12.41%, including a 14% increase on existing basic pay and dearness allowance. The government has also increased the employer contribution under the National Pension System (NPS) from 10% to 14% for employees who joined after April 1, 2010. The financial outgo for PSGIC-related revisions is estimated at \u20b98,170.30 crore.<\/p>\n
In addition to the wage revision, the government has also revised the family pension for PSGICs at a uniform rate of 30%, effective from the date of publication in the official gazette. This move will benefit 14,615 family pensioners out of a total 15,582 existing family pensioners.<\/p>\n
For NABARD, the pay revision will be effective from November 1, 2022, with a hike in pay and allowances of around 20% for employees across Group A, B, and C categories. The revision is expected to benefit around 3,800 serving and former employees, with an estimated additional annual wage bill of around \u20b9170 crore and arrears totalling around \u20b9510 crore.<\/p>\n
NABARD has also received approval for pension and family pension revision for retirees originally recruited by NABARD who retired before November 1, 2017. The revision brings their pension in line with ex-RBI NABARD retirees, with a one-time arrear payment of \u20b950.82 crore and an additional monthly pension outgo of \u20b93.55 crore to 269 pensioners and 457 family pensioners.<\/p>\n
The government has also approved a pension and family pension revision for RBI retirees, with a 10% increase on basic pension plus dearness relief, effective from November 1, 2022. The revision will benefit 30,769 beneficiaries, including 22,580 pensioners and 8,189 family pensioners, with a total financial implication of \u20b92,696.82 crore.<\/p>\n
Overall, the revisions will benefit around 46,322 employees, 23,570 pensioners, and 23,260 family pensioners. The government estimates that the total financial outgo for all revisions will be significant, but it will provide meaningful relief to employees and pensioners by helping them manage cost-of-living pressures and maintain a dignified standard of living after retirement.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 manage cost-of-living pressures and maintain […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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],"tags":[],"class_list":["post-222773","post","type-post","status-publish","format-standard","hentry","category-insurance"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9ibIB-VX7","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":222773,"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). 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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":222612,"url":"https:\/\/smallnews.in\/insurance\/2026\/01\/06\/the-tamil-nadu-government-has-extended-the-health-insurance-scheme-for-its-employees-for-another-year\/","url_meta":{"origin":222773,"position":3},"title":"The Tamil Nadu government has extended the health insurance scheme for its employees for another year.","author":"Team Small News","date":"January 6, 2026","format":false,"excerpt":"The Tamil Nadu government has extended the New Health Insurance Scheme, 2021, for its employees by another year, from July 1, 2025, to June 30, 2026. The scheme, which was set to expire on June 30, 2025, provides health insurance coverage to government employees and their families. The insurance cover\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":222495,"url":"https:\/\/smallnews.in\/insurance\/2025\/12\/23\/privatization-of-general-insurers-gets-a-reboot-following-fdi-cap-increase\/","url_meta":{"origin":222773,"position":4},"title":"Privatization of general insurers gets a reboot following FDI cap increase","author":"Team Small News","date":"December 23, 2025","format":false,"excerpt":"The Indian government plans to restart the process of privatizing a state-run general insurer in the next financial year. This decision comes after Parliament passed a bill allowing for 100% foreign direct investment (FDI) in the insurance sector. 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