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Salary Pension Increase News: The government has approved a salary and pension increase for employees and pensioners associated with RBI, NABARD, and some other government institutions. This decision will lead to an increase in monthly income and arrears.

Salary Pension Increase News:  There's great news for thousands of people working in and retired from the government sector. The income of employees and pensioners associated with institutions, considered the backbone of the financial system, is set to increase. The central government has approved the salary and pension revision for staff and pensioners associated with public sector general insurance companies.

NABARD and the Reserve Bank of India. This will directly impact their monthly income as well as arrears. Millions of families will now see a direct change in their budgets. Let's understand how much benefit each sector will receive.

What is the major update regarding RBI pensioners' pensions?

This decision was long-awaited for retired employees of the Reserve Bank of India. The government has approved a 10 percent increase in RBI pensions and family pensions from November 1, 2022. After this change, the basic pension of eligible pensioners will reach approximately 1.43 times its previous amount. This will result in a significant increase in their monthly income.

More than 30,000 people, including pensioners and family pensioners, will benefit from this decision. The total expenditure on this revision is estimated to be around Rs 2696 crore, a large part of which will be for arrears payments. Overall, this decision is considered not just an increase, but long-term financial relief for RBI pensioners.

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How much will NABARD employees and pensioners benefit?

The government has also approved a salary and pension revision for employees and pensioners associated with NABARD. This revision will be effective from November 1, 2022. Under this, the salaries and allowances of Group A, B, and C category employees will be increased by approximately 20 percent. This will directly benefit approximately 3,800 current and former employees. NABARD's annual salary expenditure will now increase by about Rs. 170 crore.

The arrears payment is estimated to be around Rs. 510 crore. A lump-sum arrear payment will also be given under the pension revision. In addition, pensioners and family pensioners will receive crores of rupees in extra monthly payments. This clearly means that the financial situation of retired individuals associated with NABARD will now become both stable and stronger.

How will this affect the salaries of PSGIC employees?

This decision is considered very important for employees working in Public Sector General Insurance Companies (PSGICs). The government has decided to implement their salary revision from August 1, 2022. Under this, the total salary structure will increase by approximately 12.41 percent, including an increase of about 14 percent in basic pay and dearness allowance. More than 43,000 employees will benefit from this.

For employees recruited after 2010, the government's contribution to the National Pension System (NPS) has been increased to 14 percent, which will strengthen their post-retirement security. Family pensions have also been revised at the new rates, which will increase the monthly income of thousands of families. The government's expenditure on this entire change will be in the thousands of crores of rupees, and a large amount will be paid as arrears.