By Admin 
Salary and pension hike: The salary and pension of some employees and pensioners working under the Central Government is going to increase. Actually, the government has approved for increase in salary and pension of employees of Public Sector General Insurance Companies (PSGICs), NABARD and Reserve Bank of India (RBI).
The Finance Ministry said on Friday that the purpose of this decision is to boost the morale of employees and strengthen social security for pensioners in the financial sector. The government also said that overall this decision is expected to benefit about 46322 employees, 23570 pensioners and 23260 family pensioners. The government said that overall this decision is expected to benefit about 46322 employees, 23570 pensioners and 23260 family pensioners.
Salary of PSGIC employees will also increase
In fact, the Central Government has approved wage revision for Public Sector General Insurance Companies (PSGICs) to boost the morale of serving employees and ensure social security of pensioners in the financial sector. Wage revision for PSGIC employees will be effective from 01.08.2022. With this, the total increase in their wage bill will be 12.41 percent, which includes 14 percent increase in the existing basic pay and dearness allowance.
A total of 43247 PSGIC employees will benefit from this amendment. In this amendment, there is also a provision to increase the NPS contribution from 10% to 14% for the better future of the employees who joined the job after 01.04.2010.
How much will it cost in total?
Family pension has also been revised at a uniform rate of 30 percent. This will benefit 14615 family pensioners out of total 15582 existing family pensioners. The total financial outlay of this amendment will be Rs 8170.30 crore, which includes Rs 5822.68 crore for pay revision arrears, Rs 250.15 crore for NPS and Rs 2,097.47 crore for family pension.
PSGIC includes 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).
NABARD employees also benefit
The government has also approved salary and pension revision for employees and pensioners of National Bank for Agriculture and Rural Development (NABARD). This amendment in their salary will be effective from November 1, 2022 and under this, the salary and allowances of all Group ‘A’, ‘B’ and ‘C’ employees of NABARD will be increased by about 20 percent.
About 3800 retired and former employees will benefit from this. The salary revision will result in an additional expenditure of approximately Rs 170 crore in the annual wage bill and the total payment of dues will be approximately Rs 510 crore. There will be a lump sum payment of Rs 50.82 crore for pension revision and an additional expenditure of Rs 3.55 crore will be incurred in monthly pension payment to 269 pensioners and 457 family pensioners of NABARD.
Benefits to RBI pensioners also
The government has approved changes in pension and family pension for retired employees of Reserve Bank of India (RBI). Under this, from November 1, 2022, pension on basic pension plus dearness relief and family pension will be increased by 10 percent. This will increase the basic pension for all retirees by 1.43 times, which will significantly improve their monthly pension. A total of 30769 people will benefit from this change, which includes 22,580 pensioners and 8189 family pensioners.
The total financial outlay from the revision is estimated at Rs 2696.82 crore, which includes one-time payment of Rs 2485.02 crore for arrears and annual expenditure of Rs 211.80 crore.
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