Financial sector workers rejoice: The Central Government approved salary and pension tweaks for PSGIC, NABARD employees, and RBI pensioners, touching lives of more than 90,000. The Finance Ministry’s Friday statement highlights these as morale-boosters and security nets in a series of pro-employee measures.
PSGIC leads with revisions from August 2022, featuring 12.41 percent total pay growth via 14 percent hikes in basic and DA, plus NPS from 10 to 14 percent. 43,247 staff benefit directly, while 14,615 family pensioners (of 15,582) see 30 percent uniform increases post-gazette. Cost breakdown: Rs 8,170.30 crore total, with major chunks for arrears (Rs 5,822.68 crore), NPS (Rs 250.15 crore), and pensions (Rs 2,097.47 crore). Key firms: National, New India, Oriental, United India, GIC, and AIC.
NABARD’s 20 percent salary surge from November 2022 aids 3,800 across grades, inflating annual bills by Rs 170 crore and arrears by Rs 510 crore. Pensions for 269 and 457 family cases add Rs 50.82 crore lump sum and Rs 3.55 crore monthly.
RBI retirees get 10 percent on core pension/relief from November 2022, yielding 1.43x base for 30,769 (22,580 pensioners, 8,189 family). Fiscal hit: Rs 2,696.82 crore—Rs 2,485.02 crore one-off, Rs 211.80 crore yearly.
Beyond numbers, this policy signals the government’s resolve to honor public service amid rising costs, fostering loyalty and efficiency. Implementation will likely spur positive ripple effects on service delivery and economic stability.