Wage and Pension Revisions approved for PSGICs, NABARD and RBI Employees

Current Context: On January 23, 2026, the Central Government approved wage and pension revisions for employees and retirees.

• These cover Public Sector General Insurance Companies (PSGICs), National Bank for Agriculture and Rural Development (NABARD), and the Reserve Bank of India (RBI).
• For PSGICs (NICL, NIACL, OICL, UIICL, GIC Re, AICIL), effective August 1, 2022, wages rose by 12.41%, NPS (National Pension System) contribution increased to 14%, and family pension fixed at 30%, with a financial impact of ₹8,170 crore.
• For NABARD, effective November 1, 2022, pay rose by 20% for Group A, B, C employees, and pension parity was ensured for pre-2017 retirees, costing ₹510 crore plus ₹50.82 crore in pension arrears.
• For the RBI, pensions were enhanced by 10% plus Dearness Allowance (DA) relief, giving retirees a 1.43× increase, with a financial impact of ₹2,696.82 crore.
• Overall, the move benefits 46,322 serving employees and 46,800 pensioners/family pensioners.

Question:

Q.1 The employer’s contribution under the National Pension System for Public Sector General Insurance Company employees has been increased to:
a) 10 percent
b) 12 percent
c) 13 percent
d) 14 percent

Answer: d) The National Pension System (NPS) contribution has been enhanced to 14 percent.