The Centre has given the green light to long-pending wage revisions for Public Sector General Insurance companies (PSGICs) and National Bank for Agriculture and Rural Development (NABARD). Additionally, pension revisions for retirees of Reserve Bank of India (RBI) and NABARD have been sanctioned. Approximately 46,322 employees, 23,570 pensioners, and 23,260 family pensioners within these organizations will benefit from these updates.
The wage revision for PSGIC employees will be effective from 01.08.2022, with an overall increase of 12.41% in the wage bill. This includes a 14% rise in existing Basic pay and Dearness allowance, benefiting 43,247 PSGIC employees. Furthermore, the revision involves an increase in NPS contribution from 10% to 14% for employees who joined after 01.04.2010.
The revision also encompasses a uniform 30% enhancement in family pension, benefiting 14,615 family pensioners. The total financial outlay will amount to Rs 8,170.30 crore, covering arrears of wage revision, NPS contributions, and family pension payments. Notable entities involved in the PSGICs are 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.
