New Delhi, Jan. 23 -- In a significant move to bolster the financial well-being and social security of employees and pensioners in key financial institutions, the Government on Friday approved comprehensive wage and pension revisions for employees and retirees of Public Sector General Insurance Companies (PSGICs), the National Bank for Agriculture and Rural Development (NABARD), and the Reserve Bank of India (RBI).
The wage revision for approximately 43,247 employees of PSGICs will take effect from August 1, 2022, resulting in a 14% increase in Basic Pay and Dearness Allowance, culminating in an overall wage bill hike of 12.41%. Additionally, the government has enhanced the National Pension System (NPS) contribution from 10% to 14% for emp...