The central government has approved the wage revision for Public Sector General Insurance companies (PSGICs) and National Bank for Agriculture and Rural Development (NABARD), along with approving pension revision for retirees of Reserve Bank of India (RBI) and NABARD.<\/p>\n
Open FREE Demat Account within minutes!Join now<\/a><\/p>\n This move is aimed at boosting the morale of the serving employees and enhancing social security and the financial well-being of pensioners.<\/p>\n The revision will benefit nearly 46,322 employees, 23,570 pensioners and 23,260 family pensioners, providing meaningful relief to central government employees, helping them maintain a dignified standard of living, the Finance Ministry said in a release on Friday.<\/p>\n \u201cThe Government remains committed to strengthening institutions that play a pivotal role in the country’s inclusive and sustainable economic growth,\u201d it said.<\/p>\n Wage and pension revision for PSGICs<\/p>\n For PSGICs, the government has approved:<\/p>\n Wage revision: With effect from August 1, 2022, wages of PSGICs employees will be increased by 12.41%, with an increase of 14% on the existing basic pay and dearness allowance. This means that the effective increase in total wages would be 12.41%.<\/p>\n The wage revision will be paid in arrears, which means that employees will receive the revised wages retroactively from the effective date (August 1, 2022). Basically, you get the back pay for the months already worked under the old rates.<\/p>\n This will benefit a total of 43,247 PSGIC employees. Additionally, the National Pension System (NPS) contribution has also been raised to 14% from 10% for employees who joined after April 1, 2010.<\/p>\n Family pension revision: Family pension, which is the pension that dependents (spouse, children, parents) of a deceased employee receive, has been increased to a uniform rate of 30%. This will benefit 14,615 family pensioners out of a total of 15,582 existing family pensioners.<\/p>\n \u201cFamily pension has been revised at the uniform rate of 30% from the date of publication in the official gazette, which will benefit 14,615 family pensioners out of a total of 15,582 existing family pensioners as a gesture of appreciation for their valuable contribution to the organisation,\u201d the Ministry of Finance said in a release on Friday, January 23.<\/p>\n Financial implication: The total funds for these revisions will be \u20b98170.30 crore: \u20b95822.68 crore towards the arrears of wage revision, \u20b9250.15 crore and \u20b92097.47 crore for family pension.<\/p>\n Which PSGICs are covered under the wage revision?<\/p>\n PSGICs whose employees will receive higher salaries:<\/p>\n National Insurance Company Ltd. (NICL) Wage and pension revision for NABARD<\/p>\n Wage revision: From November 1, 2022, pay and allowances of NABARD employees will be hiked by nearly 20% for Group A, B and C employees. This would benefit 3800 serving and former employees.<\/p>\n Pension revision: Basic pension and family pension for NABARD retirees (originally recruited by NABARD and retired before November 1, 2017) have now been increased to bring them at the same level as ex-RBI NABARD retirees.<\/p>\n Financial implication: The pay revision will lead to an additional annual wage bill of nearly \u20b9170 crore, and the total payment of arrears amounts to \u20b9510 crore. For pension revision, the revision would result in a one-time arrear payment of \u20b950.82 crore and an additional \u20b93.55 crore in pension payments monthly to 269 pensioners and 457 family pensioners in NABARD.<\/p>\n Wage and pension revision for RBI<\/p>\n Pension revision: Pension and family pension for the retirees of the Reserve Bank of India (RBI) have been increased by 10% on basic pension plus dearness relief, with effect from November 1, 2022. As a result, the basic pension of RBI retirees will be increased by a factor of 1.43, benefitting a total of 30,769 pensioners.<\/p>\n Simply put, the basic pension will now be 43% higher than before.<\/p>\n \u201cUnder the approved revision, pension and family pension shall be enhanced by 10% on basic pension plus dearness relief, with effect from 1st November, 2022. This would result in an effective enhancement of basic pension by a factor of 1.43 for all retirees, leading to a substantial improvement in their monthly pension. The revision will benefit a total of 30,769 beneficiaries, comprising 22,580 pensioners and 8,189 family pensioners,\u201d the Finance Ministry release said.<\/p>\n Financial implication: The total financial implication for pension revision of RBI retirees is nearly \u20b92,696.82 crore, including a one-time expenditure of \u20b92,485.02 crore as arrear payments and an annual recurring expenditure of \u20b9211.80 crore.<\/p>\n To add Upstox News as your preferred source on Google, click here<\/a>
\nNew India Assurance Company Ltd. (NIACL)
\nOriental Insurance Company Ltd. (OICL)
\nUnited India Insurance Company Ltd. (UIICL)
\nGeneral Insurance Corporation of India (GIC)
\nAgricultural Insurance Company Ltd. (AICIL)<\/p>\n
\nFor all personal finance updates, visit here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The central government has approved the wage revision for Public Sector General Insurance companies (PSGICs) and National Bank…\n","protected":false},"author":2,"featured_media":261469,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,61,60,174,175],"class_list":{"0":"post-261468","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-ie","11":"tag-ireland","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/261468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=261468"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/261468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/261469"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=261468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=261468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=261468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}