The central government has approved wage revisions for Public Sector Undertaking (PSU) General Insurance companies and the National Bank for Agriculture and Rural Development (NABARD), along with a pension revision for retirees of the Reserve Bank of India (RBI) and NABARD.
A total of 46,322 employees, 23,570 pensioners, and 23,260 family pensioners will benefit from the wage revision, the finance ministry said on Friday.
Regarding the wage revision of PSU General Insurance companies, the ministry said, “it will be effective from August 1, 2022. The total outgo will be to the tune of Rs 8,170.30 crore, which includes Rs 5,822.68 crore towards wage arrears under the wage revision, Rs 250.15 crore for NPS, and Rs 2097.47 crore for family pension.”
For NABARD, the ministry noted, “The payment revision will be effective November 1, 2022, and would entail an additional annual wage bill of around Rs 170 crore and a total payment of arrears amounting to around Rs 510 crore.”
The pension revision for NABARD retirees would result in, “a one-time arrear payment of Rs 50.82 crore, as well as an additional monthly outgo of Rs 3.55 crore in pension payments to 269 pensioners and 457 family pensioners.”
In addition, the government has approved the revision of pensions and family pensions for RBI retirees. “Under the approved revision, pension and family pension shall be enhanced by 10 per cent on basic pension plus dearness relief, with effect from 1st November, 2022,” the ministry said.
The total financial implication for RBI pension revision is estimated at Rs 2,696.82 crore, which includes “a one-time expenditure of Rs 2,485.02 crore towards arrears and a recurring annual expenditure of Rs 211.80 crore.”