A windfall for India’s public finance warriors: Over 90,000 employees and pensioners from PSGIC, NABARD, and RBI will enjoy revised pays and pensions, courtesy of Central Government approval. The Finance Ministry’s update emphasizes enhancing motivation and retiree safeguards.
Delving into details, PSGIC’s package activates August 1, 2022, with 12.41 percent aggregate rise (14 percent basic/DA), benefiting 43,247. NPS edges to 14 percent for newer joins. Family pensions unify at 30 percent for 14,615/15,582 from gazette date. Outlay: Rs 8,170.30 crore (arrears Rs 5,822.68cr, NPS Rs 250.15cr, pensions Rs 2,097.47cr). Entities: National Insurance Ltd, New India, Oriental, United India, GIC, AgICo.
NABARD scales salaries ~20 percent from Nov 2022 for 3,800 staff, adding Rs 170cr yearly and Rs 510cr arrears. Pension extras: Rs 50.82cr one-time, Rs 3.55cr monthly for 726.
RBI’s nod hikes basic pension/DR 10 percent from Nov 2022, boosting base 1.43x for 30,769—split 22,580/8,189. Cost: Rs 2,696.82cr (Rs 2,485.02cr arrears, Rs 211.80cr annual).
This strategic move not only counters economic headwinds but fortifies key institutions, ensuring dedicated service to the nation’s growth agenda.