India approves wage and pension hikes for 46,000+ public sector workers and retirees, with increases up to 20%.

The Indian government has approved wage and pension increases for employees and retirees of public sector general insurance companies, NABARD, and the Reserve Bank of India, which will benefit approximately 46,322 workers and 46,000 pensioners. PSGIC employees will receive a 14% increase in basic pay and dearness allowance beginning August 1, 2022, as well as increased NPS contributions and a 30% family pension rate. NABARD employees received a 20% pay increase beginning November 1, 2022, with pensions aligned with former RBI retirees. RBI retirees will receive a 10% pension increase based on their basic pension and dearness relief. The measures, which total several thousand crores, include arrears and recurring expenses, demonstrating the government's commitment to employee welfare and social security.