Centre Clears ₹11,500 Crore Pay, Pension Revision for Insurers, RBI, NABARD Staff
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Moneycontrol•23-01-2026, 12:02
Centre Clears ₹11,500 Crore Pay, Pension Revision for Insurers, RBI, NABARD Staff
- •The government has approved significant wage and pension revisions for employees of public sector general insurance companies, NABARD, and RBI pensioners.
- •The total financial outlay for these revisions is estimated to be over ₹11,500 crore, benefiting nearly 46,322 employees and over 46,800 pensioners/family pensioners.
- •Public sector general insurance employees will receive a wage increase effective August 1, 2022, with family pension set at 30% and NPS contribution raised to 14%.
- •NABARD employees' pay hike is effective from November 1, 2022, with pension revisions for retirees, aligning them with ex-RBI NABARD retirees.
- •RBI retirees will see a 10% enhancement on basic pension plus dearness relief, effective November 1, 2022, with a total financial implication of ₹2,696.82 crore.
Why It Matters: The Centre's ₹11,500 crore outlay ensures significant pay and pension hikes for financial sector employees.
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