NEW DELHI: The Central government has approved wage revisions for public sector general insurance companies and the National Bank for Agriculture and Rural Development (NABARD), along with pension and family pension revisions for retirees of the Reserve Bank of India (RBI) and NABARD.
According to the Finance Ministry, the decision will benefit 46,322 employees, 23,570 pensioners and 23,260 family pensioners.
For public sector general insurance companies, the wage revision will be effective from August 1, 2022. The total financial outgo is estimated at Rs 8,170.30 crore, which includes Rs 5,822.68 crore towards wage arrears, Rs 250.15 crore for National Pension System (NPS) contributions, and Rs 2,097.47 crore for family pension liabilities.
In the case of NABARD, the wage revision will come into effect from November 1, 2022, leading to an additional annual wage bill of around Rs 170 crore. The total payment of arrears on account of the revision is estimated at approximately Rs 510 crore.
The pension revision for NABARD retirees will result in a one-time arrear payment of Rs 50.82 crore, along with an additional monthly outgo of Rs 3.55 crore, benefiting 269 pensioners and 457 family pensioners.
The government has also approved a revision of pensions and family pensions for RBI retirees. Under the revised framework, basic pension and family pension will be enhanced by 10 per cent, along with dearness relief, with effect from November 1, 2022.
The total financial implication of the RBI pension revision is estimated at Rs 2,696.82 crore, including Rs 2,485.02 crore towards arrears and a recurring annual expenditure of Rs 211.80 crore.
