Salary Hike News: Pay and Pension Increase for Select Govt Employees

Salary and Pension hike: The central government has approved a salary and pension increase for some employees. This decision will benefit about 46,322 employees, 23,570 pensioners, and 23,260 family pensioners of these organizations.

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Pensioners are expected to benefit

The government has approved pay and pension hikes for employees of Public Sector General Insurance Companies (PSGIC), NABARD, and the RBI to boost morale and strengthen social security.

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RBI pensioners will also benefit

The government approved pension changes for RBI retirees, effective Nov 1, 2022. A 10% increase on basic pension and dearness allowance will benefit over 30,000 pensioners.

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PSGIC employees will also get a salary hike

The central government approved a salary revision for PSGIC employees, effective Aug 1, 2022. This results in a 12.41% pay bill increase, benefiting over 43,000 employees.

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What will be the total cost?

Family pension has been revised to a uniform 30% rate, benefiting over 14,600 family pensioners. The total financial impact of the revision is approximately ₹8,170.30 crore.

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NABARD employees will also benefit

The government also approved a pay and pension revision for NABARD employees, effective Nov 1, 2022. This will increase salaries and allowances by about 20% for all staff.