8th Pay Commission Big Update: Salary, pension of these employees increased, government gives good news before implementation — Who will benefit?

8th Pay Commission Update: The central government has approved a salary and pension hike for public sector insurance company employees, NABARD, and Reserve Bank employees. This decision will directly impact the incomes of thousands of families. Check details here.

8th Pay Commission: In a major development in the 8th Pay Commission, the Central Government has decided to provide significant relief to employees and pensioners of public sector insurance companies, NABARD and the Reserve Bank. The government has approved the salary and pension increase of these employees and retired employees. The decision will directly benefit 46,322 employees, 23,570 pensioners, and 23,260 family pensioners of these institutions.

8th Pay Commission: How Much Benefit Do Public Insurance Employees Get?

According to the official statement, the pay revision of Public Sector General Insurance Companies (PSGICs) employees and pensioners will take effect from 1 August 2022. The salary bill of these institutions will be increased by 12.41 percent. The basic pay and dearness allowance will be increased by 14 percent. A total of 43,247 employees working in PSGICs will directly benefit from this decision.

8th Pay Commission: Government contribution To NPS Increased

The central government has also increased its share on the National Pension System (NPS) for those who hired after April 1, 2010. Now, the government will contribute 14 percent in the NPS, earlier share was 10 percent.

8th Pay Commission: Family Pension

Family pensions have also been increased to a uniform rate of 30 percent and the amendment will be effective from the date of notification in the gazette. This decision will directly benefit 14,615 family pensioners.

8th Pay Commission: Employees Of Which Insurance Companies Will Benefit?

S. No.	Public Sector Insurance Company
1	National Insurance Company Limited
2	New India Assurance Company Limited
3	Oriental Insurance Company Limited
4	United India Insurance Company Limited
5	General Insurance Corporation of India
6	Agricultural Insurance Company Limited

8th Pay Commission: NABARD Employees Salary Revision

The salary revision of the National Bank for Agriculture and Rural Development (NABARD) will be effective from November 1, 2022.

Salaries and allowances will be increased by 20 percent for employees who fall under Group A, B, and C. Approx 3,800 current and former employees will be benefitted.

The basic and family pensions of NABARD employees who retired before November 1, 2017 have now been made equal to those of pre-RBI NABARD retirees.

8th Pay Commission: Big Update For RBI Pensioners

The government has hiked pension and family pension of retired employees of Reserve Bank of India (RBI).

Now, pension and family pension will be increased by 10 percent as per the basic pension and dearness relief from November 1, 2022. It means the basic pension will be increased 1.43 times.

This decision will benefit a total of 30,769 RBI employees, including 22,580 pensioners and 8,189 family pensioners.