RBI pension revision: NABARD, PSGIC employees and pensioners to get higher payouts

The central government has approved the basic wage and pension revisions for employees and pensioners of Public Sector General Insurance Companies (PSGICs) and the National Bank for Agriculture and Rural Development (NABARD). Along with that, Centre has also revised the basic pension/ family pension of the retirees of the Reserve Bank of India (RBI).

The move is expected to improve take-home pay for employees, pensioners and family pensioners, strengthening their financial security.

Wage revision for PSGIC employees

The wage revision for the employees of PSGICs will be effective from August 1, 2022. The overall hike in wage bill will be 12.41% with an increase of 14% on the existing basic pay and dearness allowance (DA).


The revision also incorporates an enhancement in NPS contribution from 10% to 14% for a better future of employees who had joined their service after April 1, 2010.

Family pension revised for PSGIC family pensioners

The government has revised family pension for PSGIC family pensioners at a uniform rate of 30% from the date of publication in the official gazette.

The central government’s move is expected to benefit 14,615 family pensioners out of a total of 15,582 existing family pensioners.

Which companies come under PSGICs?

Public Sector General Insurance Companies include:

National Insurance Company Ltd. (NICL)

New India Assurance Company Ltd. (NIACL)

Oriental Insurance Company Ltd. (OICL)

United India Insurance Company Ltd. (UIICL)

General Insurance Corporation of India (GIC)

Agricultural Insurance Company Ltd. (AICIL)

Wage and pension revised for NABARD employees and pensioners

Effective from November 1, 2022, the hike in pay and allowances is about 20% for all Group ‘A’, ‘B’ and ‘C’ employees in NABARD. Basic pension and family pension of the retirees of NABARD, who were originally recruited by NABARD and retired before November 1, 2017, have now been brought on par with that of ex-RBI NABARD retirees.

What is the revised pension/family pension for RBI employees?

The government has approved the revision of pension and family pension of the retirees of the Reserve Bank of India (RBI). Under the approved revision, pension and family pension shall be enhanced by 10% on the basic pension plus DA, with effect from November 1, 2022. This would result in an effective enhancement of basic pension by a factor of 1.43 for all retirees.