The central government has approved long‑pending wage revisions for PSU general insurers and NABARD employees, along with pension enhancements for RBI and NABARD retirees. The decision benefits more than 93,000 employees and pensioners, with revisions effective from 2022 and a financial outlay running into thousands of crores, according to official statements.
In a significant move aimed at strengthening India’s financial and insurance ecosystem, the Finance Ministry has approved comprehensive wage and pension revisions for employees and retirees across Public Sector General Insurance Companies (PSGICs), NABARD, and the Reserve Bank of India (RBI).
The decision impacts 46,322 employees, 23,570 pensioners, and 23,260 family pensioners, marking one of the largest compensation updates in recent years. The wage revision for PSU general insurers will be effective from August 1, 2022, with a total financial implication of ₹8,170.30 crore, including arrears, NPS contributions, and family pension allocations.
For NABARD, the revision takes effect from November 1, 2022, adding approximately ₹170 crore to the annual wage bill. Pension revisions for RBI and NABARD retirees have also been cleared, significantly enhancing post‑retirement benefits.
This long‑awaited update is expected to boost morale, improve retention, and bring compensation structures closer to evolving industry standards.
Key Highlights / Major Takeaways
Wage revision benefits 46,322 employees across PSU insurers and NABARD
Pension revision supports 23,570 pensioners and 23,260 family pensioners
PSU insurer wage hike effective August 1, 2022
NABARD wage revision effective November 1, 2022
Total financial outgo for insurers: ₹8,170.30 crore
RBI & NABARD retirees receive enhanced pension benefits
Sources: PTI reports via The Hindu, Economic Times, Business Standard