Summary of this article
The government increased the pension and family pension for employees of NABARD, public sector general insurance companies, and the RBI.
The revision increased the family pension, too, for these entities.
Overall, the wage and pension revision will benefit 46,322 employees, 23,570 pensioners, and 23,260 family pensioners.
The central government has revised pension and basic wage for the pensioners and employees of the National Bank for Agriculture and Rural Development (NABARD) and the general insurance companies in the public sector. It also revised the basic pension and family pension for the Reserve Bank of India (RBI) employees, effective November 1, 2022.
For NABARD Employees And Pensioners
The revision in pension and basic wage for NABARD would mean an additional annual wage payout of Rs 170 crore and an arrear payment of around Rs 510 crore. The payment for pensioners will have an additional payout of Rs 3.55 crore every month and a one-time arrear payment of Rs 50.82 crore.
All NABARD employees, including Group A,B and C, will get a 20 per cent hike in wages (pay and allowances). Around 3800 employees are expected to benefit from this. The pension hike has been for all retirees who were originally recruited by NABARD and retired before November 1, 2017. Their pension has been brought at par with the ex-RBI NABARD retirees.
The NABARD beneficiaries of this revision include 269 pensioners and 457 family pensioners.
For PSU General Insurance Employees And Pensioners
For employees and pensioners of the public sector undertaking general insurance companies (PSGICs), the revision will be effective August 1, 2022. A total of Rs 8,170.30 crore is estimated to go in payments after this revision. The outgo is the total of Rs 5,822.68 crore towards wage arrears, Rs 250.15 crore for National Pension Scheme (NPS), and Rs 2,097.47 crore for family pension. The increase in the NPS means a higher contribution by the government. It will change from the previous 10 per cent to 14 per cent for employees who joined the service on or after April 1, 2010. The family pension will increase by 30 per cent.
The beneficiary general insurance companies include National Insurance Company Ltd (NICL), United India Insurance Company Ltd (UIICL), General Insurance Corporation of India (GIC), New India Assurance Company Ltd (NIACL), Oriental Insurance Company Ltd (OICL), and Agricultural Insurance Company Ltd (AICIL).
The revision will benefit a total of 43,247 PSGIC employees and 14,615 family pensioners from the total 15,582 existing family pensioners.
For RBI Employees And Pensioners
For the RBI employees, there is a 10 per cent increase in pension and family pension along with dearness relief. This revision is estimated to cost the government around Rs 2,696.82 crore, including arrears of Rs 2,485.02 crore and recurring annual expenses of Rs 211.80 crore. The effective date for RBI pensioners and family pensioners is November 1, 2022.
The revision will benefit 22,580 pensioners and 8,189 family pensioners, making a total of 30,769 beneficiaries.
Overall, this wage and pension revision announcement will benefit 46,322 employees, 23,570 pensioners and 23,260 family pensioners.
