The Government of India has approved a 20 percent salary hike for employees of the National Bank for Agriculture and Rural Development (NABARD). The revised pay structure applies to Group ‘A’, ‘B’, and ‘C’ employees and will benefit around 3,800 serving and former employees.
Although the government approved the revision, NABARD has not yet implemented it. However, the revised salary will reflect from the next month, while employees will receive arrears with effect from 1 November 2022.
Pension Revision Brings Relief to Retirees
In addition to the salary hike for serving employees, the government has also enhanced pensions and family pensions. As a result, retirees who joined NABARD directly and retired before 1 November 2017 will now receive pension at par with eligible ex-RBI NABARD retirees.
Therefore, both serving staff and pensioners will benefit from this revision.
NABARD Salary Slip (Before Implementation)
Meanwhile, employees continue to receive salary as per the existing structure. A sample salary slip is given below:
Pay & Allowances
- Basic Pay: ₹44,500.00
- Dearness Allowance: ₹35,018.00
- LCA (CCA): ₹2,225.00
- Grade Allowance: ₹10,400.00
- Special Allowance: ₹8,250.00
- LCA (SCA): ₹500.00
- LCA (FA): ₹1,780.00
- Special Perquisite Allowance: ₹3,701.00
- SPA Cess: ₹148.00
- Learning Allowance: ₹2,500.00
- Special Grade Allowance: ₹2,652.00
Gross Pay: ₹1,11,674.00
Deductions
- Provident Fund / NPS: ₹9,684.00
- Medical Premium: ₹300.00
- Lounge Subscription: ₹400.00
- Income Tax & Education Cess: ₹7,524.00
- Professional Tax: ₹208.00
- Association Subscription: ₹3,208.00
Total Deductions: ₹21,324.00
Net Take-Home Pay: ₹90,350.00
Expected Salary After 20% Hike
Once NABARD implements the revision, the gross monthly salary is expected to rise to around ₹1.33 lakh. The increase will come through a revised basic pay along with higher allowances.
Moreover, employees will receive arrears for the period starting from 1 November 2022.
NABARD Salary vs IBPS PO Salary
In comparison, an IBPS Probationary Officer earns a gross salary of around ₹90,000, which remains significantly lower than the revised NABARD salary.
IBPS PO Salary (Approximate)
| Component | Amount |
|---|---|
| Basic Pay | ₹48,480.00 |
| Dearness Allowance | ₹10,277.76 |
| Special Allowance (Basic) | ₹12,847.20 |
| Special Allowance (DA) | ₹2,723.61 |
| Learning Allowance | ₹850.00 |
| Learning Allowance (DA) | ₹180.20 |
| House Rent Allowance | ₹4,848.00 |
| CCA / LOC A | ₹2,300.00 |
| Employer Pension Contribution | ₹8,226.00 |
| Gross Salary | ₹90,732.77 |
| Deductions | ₹14,302.00 |
| Net Salary | ₹76,430.77 |
Key Takeaways
- Government approved 20% NABARD salary hike
- Implementation expected from next month
- Arrears payable from 1 November 2022
- Basic pay and allowances will increase
- Pension revision benefits eligible retirees
NABARD is expected to issue an official circular soon, which will clarify the revised basic pay figures and arrears payment schedule.
Rajil M P is a seasoned banking expert and the Founder of IndianBanker.com. With over eight years of leadership as a Senior Manager in India’s public sector banking system, he brings firsthand experience in credit appraisal, regulatory compliance, and branch operations. A certified professional, Rajil holds flagship credentials from the IIBF (JAIIB & CAIIB) and is a certified IRDAI-compliant insurance professional. He specializes in translating complex RBI policies into actionable financial insights for both banking professionals and the general public.
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