♦ The Central Government on 23 January 2026 approved wage revision for employees of Public Sector General Insurance Companies (PSGICs) and the National Bank for Agriculture and Rural Development (NABARD), along with pension revision for retirees of the Reserve Bank of India (RBI) and NABARD. The decision aims to boost employee morale and strengthen social security for pensioners in the financial sector, reflecting the Government’s commitment to ensuring the financial well-being of serving and retired personnel.

♦ For PSGICs, the wage revision will be effective from August 1, 2022. The overall hike in the wage bill will be 12.41 per cent, including a 14 per cent increase on existing basic pay and dearness allowance. A total of 43,247 employees are expected to benefit from the revision. The decision also includes enhancement of the National Pension System (NPS) contribution from 10 per cent to 14 percent for employees who joined after April 1, 2010.

♦ Family pension for PSGICs has been revised at a uniform rate of 30 percent from the date of publication in the official gazette. This will benefit 14,615 family pensioners. The total financial outgo for PSGICs is estimated at Rs.8,170.30 crore, including arrears, NPS contributions and family pension payments.

♦ For NABARD, pay revision will be effective from November 1, 2022, with an average hike of about 20 per cent for Group ‘A’, ‘B’ and ‘C’ employees, benefiting around 3,800 serving and former employees.