The overall hike in wage bill will be 12.41 per cent with an increase of 14 per cent on existing basic pay and dearness alowance.A total of 43,247 PSGIC employees will benefit from this revision.The total outgo for the six companies will be to the tune of Rs 8170.30 crore i.e. Rs 5822.68 crore towards the arrears of wage revision, Rs 250.15 crore for NPS and Rs 2097.47 for family pension.
New Delhi: After approving it ,the Central Government on Wednesday has notified the long pending wage revision of for the workforce along with pension revision of existing pensioners of PSU general re/insurance companies.
This wage revision of PSGICs is effective from Aug 01.2022.
Family pension has also been revised at the uniform rate of 30 per cent from the date of publication in the official gazette, which will benefit 14,615 family pensioners out of a total of 15,582 existing family pensioners as a gesture of appreciation for their valuable contribution to the organisation.
With the revision, all existing family pensioners will get double the amount they are now getting, said industry sources.
Also, the employees and family pensioners of the employees who retired after Aug 2022, will also get benefit of refixation of basic pay and consequent increase, certain arrears on basic pay increase, commutation allowance, and many other allowances.
The companies include National Insurance Company Ltd. (NICL), New India Assurance Company Ltd. (NIACL), Oriental Insurance Company Ltd. (OICL), United India Insurance Company Ltd. (UIICL), General Insurance Corporation of India (GIC), and Agricultural Insurance Company Ltd. (AICIL).
The overall hike in wage bill will be 12.41 per cent with an increase of 14 per cent on existing basic pay and dearness alowance.
A total of 43,247 PSGIC employees will benefit from this revision. The revision also incorporates an enhancement in New Pension System (NPS) contribution from 10 per cent to 14 per cent for a better future of employees who had joined after 01.04.2010.
The total outgo for the six companies will be to the tune of Rs 8170.30 crore i.e. Rs 5822.68 crore towards the arrears of wage revision, Rs 250.15 crore for NPS and Rs 2097.47 for family pension.
Sources point out that the companies have already created kitty of funds and can meet all the financial obligations immediately.
Why the scheme is silent on SVRS 2004 who have sacrificed their job and was deprived of even 2002 wage revision,deprived of notional credit of 5 years service and deprived of all wage revision from 2002 till now.Their life has become miserable due to cost of living and sufferings of financial loss as they are still getting q995 scheme even now.
Coments No.2 From Shri Sambhu Nath Pakra dated 28.02.2026. Why the Scheme One more Option for Pension to TAC (Tariff Advisory Committee) Redeployed Employees to PSGICs like National Insurance Co Ltd, The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd., United India insurance Co. Ltd., GICRe, and IRDAI after dismanteling TAC and SVRS remaining employes were distributed to above Cos. Who have sacrifice their jobs and was deprived of notional credit of all wage revision from 2019 till now. Our life has become miserable due to cost of living and sufferings of financial loss.loss. I am requesting to DFS kindly look into our case and solved the issue at the earliest.