Good news for around 90,000 central government employees and pensioners: the government has approved major revisions to their salaries and pensions.
The Finance Ministry announced that this update will cost over ₹8,000 crore.
Employees and pensioners of public sector insurance companies, NABARD, and the Reserve Bank of India (RBI) will benefit from the change, which includes salary hikes, pension revisions, and arrears.
Who Will Benefit and How Much?
According to the Finance Ministry:
46,322 employees
23,570 pensioners
23,260 family pensioners
This means approximately 93,000 people will benefit directly.
For employees of public sector general insurance companies, the revision will take effect from August 1, 2022.
The total expenditure will be ₹8,170.30 crore, which includes:
₹5,822.68 crore in arrears under pay revision
₹250.15 crore for the National Pension System (NPS)
₹2,097.47 crore for family pensions
NABARD Employees and Pensioners
NABARD employees will see their pay revision implemented three years in advance, effective November 1, 2022.
Annual pay will increase by around ₹170 crore, with total outstanding payments of ₹510 crore.
Pension revisions will pay ₹50.82 crore in one lump sum to 269 pensioners and 457 family pensioners, while monthly pension costs will rise by ₹3.55 crore.
RBI Pension Revision
Retired employees of the Reserve Bank of India (RBI) will also benefit from a 10% increase in basic pension and dearness allowance, effective November 1, 2022.
Total financial impact: ₹2,696.82 crore
Includes ₹2,485.02 crore in arrears and ₹211.80 crore in annual incremental expenditure
This step ensures that both current employees and retired personnel of major financial institutions receive timely benefits and arrears.