Finmin gives effect to revised consolidated pay for IRDAI Chairman, members

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The Department of Financial Services in the Finance Ministry has given effect to revised Consolidated salary of Chairperson and Members of insurance regulator IRDAI.

The newly amended rules, which has come into effect on retrospective basis from January 1 this year, provides consolidated salary of ₹5,62,500 per month for IRDAI Chairman. Prior to this revision, the consolidated pay per month was pegged at ₹4.5 lakh.

For IRDAI Members, the consolidated pay has now been revised to ₹5 lakh per month from ₹4 lakh earlier.

The Expenditure Department in Finance Ministry had in June 2024 approved revised consolidated salary of Chairperson and Members with effect from January 1, 2024.