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Ministry of Finance
Department of Financial Services (DFS)
Wage & Pension Revision 2026
PSGICs, NABARD & RBI Approved
Centre Approves Massive Wage & Pension Hike 2026: PSGIC, NABARD & RBI Retirees Benefit
- Beneficiaries: PSGIC Employees, NABARD Staff, RBI Retirees
- Wage Hike: ~12.41% increase in wage bill
- Pension Hike: 10% increase for RBI Retirees
- Arrears: 4 Years of Arrears to be paid
Breaking News: Major Financial Relief Approved
In a significant decision taken on Friday, January 23, 2026, the Central Government has approved the long-pending salary and pension revision for employees and pensioners of Public Sector General Insurance Companies (PSGICs), NABARD, and the Reserve Bank of India (RBI). The move is expected to benefit over 90,000 serving and retired staff members.
✅ Key Approval Details
1. PSGIC Employees (NICL, NIACL, OICL, UIICL, GIC):
– Wage revision effective from August 1, 2022.
– Overall wage bill increase of 12.41%.
– 14% hike in Basic Pay + DA.
– NPS Contribution hiked from 10% to 14%.
2. NABARD Employees:
– Pay revision effective from November 1, 2022.
– Revision amounts to approx 20% for Group A, B, and C staff.
3. RBI Pensioners:
– 10% Increase in Basic Pension + Dearness Relief.
Arrears Payment Confirmed
Since the revisions are retrospective (effective from 2022), all eligible beneficiaries will receive arrears for approximately 4 years. This lump sum payment is expected to be credited along with the revised salary/pension shortly.
| Institution | Effective Date | Benefit Type |
|---|---|---|
| PSGICs (General Insurance) | Aug 1, 2022 | 14% Basic Hike + 14% NPS |
| NABARD | Nov 1, 2022 | ~20% Pay Revision |
| RBI (Retirees) | Retrospective | 10% Pension Hike |
Family Pension Revised
The government has also revised the Family Pension for PSGIC families to a uniform rate of 30%, providing relief to over 14,000 families.
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