The Union government has approved salary and pension revisions for employees and pensioners of public sector general insurance companies, the National Bank for Agriculture and Rural Development, and the Reserve Bank of India, providing direct financial benefit, including arrears, to more than one lakh beneficiaries.
The approval covers serving employees as well as retired personnel, resulting in an increase in current salaries and pensions. According to the government, 46,322 employees, 23,570 pensioners, and 23,260 family pension beneficiaries will be covered under the decision, with the revisions implemented retrospectively, entitling beneficiaries to arrears.
For public sector general insurance companies, the salary revision will take effect from August 1, 2022. This will result in payment of arrears for more than two and a half years in addition to revised pay going forward.
The total financial implication of the salary and pension revision is estimated at ₹8,170.30 crore. Of this, ₹5,822.68 crore has been allocated towards arrears under salary revision, ₹250.15 crore towards contributions under the National Pension System, and ₹2,097.47 crore towards family pension payments.
For employees of the National Bank for Agriculture and Rural Development, the salary revision will be effective from November 1, 2022. The revision is expected to increase NABARD’s annual salary expenditure by approximately ₹170 crore, with arrears estimated at around ₹510 crore.
Under the pension revision for NABARD, arrears amounting to ₹50.82 crore will be paid in a lump sum to 269 pensioners and 457 family pension beneficiaries. In addition, the government will incur an additional monthly expenditure of approximately ₹3.55 crore towards pension payments.
The government has also approved revision of pension and family pension for retired employees of the Reserve Bank of India. Under the revision, basic pension and dearness allowance will be increased by 10 per cent with effect from November 1, 2022.
The total financial impact of the RBI pension revision is estimated at ₹2,696.82 crore, comprising ₹2,485.02 crore towards one-time arrears and ₹211.80 crore as recurring annual expenditure.
