The government has constituted the Eighth Pay Commission for central government employees, but before that, it has approved salary and pension hikes for employees and pensioners of public sector insurance companies, NABARD, and the RBI.
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Salary Increased: The Central Government has approved a salary and pension increase for employees and pensioners of Public Sector General Insurance Companies (PSGICs), the National Bank for Agriculture and Rural Development (NABARD), and the Reserve Bank of India (RBI). This decision will benefit approximately 46,322 employees, 23,570 pensioners, and 23,260 family pensioners.
According to a government statement, the salary revision for employees of Public Sector General Insurance Companies (PSGICs) will be effective from August 1, 2022. This will result in a total increase of 12.41% in their salary bill. The basic pay and dearness allowance have been increased by 14%. This decision will benefit 43,247 PSGIC employees. The government’s contribution to the National Pension System (NPS) has been increased from 10% to 14% for employees who joined after April 1, 2010.
How much will the burden be?
Family pensions have also been increased by a uniform rate of 30%. This increase will be effective from the date of publication in the official gazette. This will benefit 14,615 out of a total of 15,582 existing family pensioners. The total financial burden of this entire revision will be approximately ₹8170.30 crore. This includes ₹5822.68 crore for pay revision arrears, ₹250.15 crore for NPS, and ₹2097.47 crore for family pensions.
PSGICs include companies such as National Insurance Company Limited (NICL), New India Assurance Company Limited (NIACL), Oriental Insurance Company Limited (OICL), United India Insurance Company Limited (UIICL), General Insurance Corporation of India (GIC), and Agricultural Insurance Company Limited (AICIL).
How much salary has increased at NABARD?
Similarly, a salary increase for NABARD employees has been implemented from November 1, 2022. The pay revision will increase the salaries and allowances of all Group A, B, and C employees by approximately 20%. This will benefit approximately 3,800 serving and former NABARD employees. The basic pension and family pension of retired NABARD employees who were originally recruited at NABARD and retired before November 1, 2017, have now been equalized to the pre-RBI NABARD pension.
The pay revision will result in an additional salary bill of approximately ₹170 crore annually, and a total of ₹510 crore will be paid as arrears. Due to the pension revision, a lump sum payment of ₹50.82 crore will be made for 269 pensioners and 457 family pensioners. Additionally, the additional monthly pension payment expenditure will be ₹3.55 crore.
Benefits for RBI Pensioners
An increase in pension and family pension has also been approved for retired RBI employees and their dependents. Under this approved amendment, pension and family pension will be increased by 10% over the basic pension and dearness allowance, effective November 1, 2022. This will effectively increase the basic pension for all retirees by 1.43 times.
A total of 30,769 people will benefit from this increase, including 22,580 pensioners and 8,189 family pensioners. The increase in RBI pension and family pension will result in an outlay of approximately ₹2,696.82 crore on the government treasury. This includes a lump sum payment of ₹2,485.02 crore for arrears and an annual expenditure of ₹211.80 crore for pension payments.
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