Compensation for staff of state-run insurers raised

RBI retirees to get higher pension

- FE BUREAU

THE CENTRAL GOVERNMENT has approved compensation revisions for employees of Public Sector General Insurance Companies (PSGICs) and the National Bank for Agriculture and Rural Development (Nabard), along with pension revisions for retirees of the Reserve Bank of India (RBI) and Nabard.

According to a Ministry of Finance, the revisions will benefit 46,322 employees, 23,570 pensioners, and 23,260 family pensioners, with a total estimated financial implication of %11,601.5 crore.

“This measure will provide meaningful relief to the employees of PSGICs and Nabard, and to pensioners/family pensioners of RBI and Nabard, by enabling them to better absorb the cost of living while maintaining a dignified standard of living and social status post-retirement,” the ministry said.