Good news for around 90,000 central government employees and pensioners: the government has approved salary and pension revisions that will come into effect soon.
The Finance Ministry announced that this update will cost over ₹8,000 crore and will benefit employees of public sector insurance companies, NABARD, RBI, and retired pensioners.
These revisions aim to improve the earnings of current employees and provide better pensions for retired staff.
Who Will Benefit and How Much?
According to the Finance Ministry, the revisions will directly help:
46,322 employees
23,570 pensioners
23,260 family pensioners
This totals to approximately 93,000 beneficiaries.
For public sector insurance employees, the pay revision is effective from August 1, 2022.
The total expenditure for this is ₹8,170.30 crore, which includes:
₹5,822.68 crore for arrears under pay revision
₹250.15 crore for the National Pension System (NPS)
₹2,097.47 crore for family pension
NABARD Employees See Early Pay Revision
The National Bank for Agriculture and Rural Development (NABARD) pay revision, effective November 1, 2022, is being implemented three years in advance.
Annual pay will increase by around ₹170 crore
Total outstanding payment comes to about ₹510 crore, to be paid as arrears
Pension revision will provide ₹50.82 crore in lump sums to 269 pensioners and 457 family pensioners
Additional monthly pension expenditure will be ₹3.55 crore
RBI Retired Employees Get Pension Boost
The government has also approved pension revisions for retired employees of the Reserve Bank of India (RBI).
Basic pension and dearness allowance will increase by 10%, effective November 1, 2022
Total financial burden is estimated at ₹2,696.82 crore
This includes a lump sum of ₹2,485.02 crore in arrears and ₹211.80 crore in annual incremental pension payments
These revisions bring significant relief to employees and pensioners, ensuring better pay and financial security for tens of thousands of central government staff.
