Wage and Pension Revision for PSGICs, NABARD and RBI

On 23rd January 2026, the Central Government 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 and family pension revision for retirees of the Reserve Bank of India (RBI) and NABARD, to strengthen employee welfare and social security in the financial sector.

Key Points

Objective of the Decision: The approval aims to boost employee morale, enhance social security for pensioners, and reinforce the Government’s commitment to the financial well-being of serving and retired personnel.
PSGIC Wage Revision: Wage revision for PSGIC employees will be effective from 1st August 2022, with an overall 12.41% increase in the wage bill, including a 14% hike in basic pay and dearness allowance.
PSGIC Beneficiaries: A total of 43,247 employees will benefit from the wage revision.
NPS Contribution Enhancement: The Government approved an increase in National Pension System (NPS) contribution from 10% to 14% for PSGIC employees who joined service after 1st April 2010.
NABARD Pay & Pension Revision: The government approved a pay revision for NABARD employees effective from 1 November 2022, with an average hike of about 20% for Group A, B and C staff, benefiting around 3,800 employees and retirees. Pension revision for certain NABARD retirees has also been approved.
RBI Pension Revision: Pension and family pension for RBI retirees will be revised with effect from 1 November 2022, providing a 10% increase on basic pension plus dearness relief, benefiting over 30,000 pensioners and family pensioners.