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The central government has approved revisions to the basic pay and pensions of employees and pensioners of public sector general insurance companies (PSGICs) and the National Bank for Agriculture and Rural Development (NABARD). In addition, the center has also revised the basic pension/family pension of retired employees of the Reserve Bank of India (RBI). This move is expected to increase the salaries of employees, pensioners, and family pensioners and strengthen their financial security.

Salary Revision for PSGIC Employees
The salary revision for PSGIC employees will be effective from August 1, 2022. The total salary increase will be 12.41 percent, including a 14 percent increase in the existing basic salary and dearness allowance (DA). This revision also includes increasing the NPS contribution from 10 percent to 14 percent for employees who joined service after April 1, 2010, for their better future.

Pension Revision for PSGIC Pensioners
The government has revised the family pension for family pensioners of PSGICs at a uniform rate of 30 percent from the date of publication in the official gazette. This move by the central government is expected to benefit 14,615 out of a total of 15,582 existing family pensioners.

Which companies fall under PSGICs?
National Insurance Company Limited (NICL)
New India Assurance Company Limited (NIACL)
Oriental Insurance Company Limited (OICL)
United India Insurance Company Limited (UIICL)
General Insurance Corporation of India (GIC)
Agricultural Insurance Company Limited (AICIL)
Salary and Pension Revision for NABARD Employees
The salaries and allowances of all Group ‘A’, ‘B’, and ‘C’ employees of NABARD have been increased by approximately 20 percent, effective from November 1, 2022. The basic pension and family pension of NABARD employees recruited by NABARD and who retired before November 1, 2017, have now been brought on par with those of former RBI employees.

Changes in RBI Employees' Pension/Family Pension
The government has approved revisions to the pension and family pension of retired employees of the Reserve Bank of India (RBI). Under the approved revisions, there will be a 10 percent increase in pension and family pension on the basic pension and dearness allowance (DA) with effect from November 1, 2022. This will effectively increase the basic pension of all retired employees by 1.43 times.

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