Central Government Employees Group Insurance Scheme, 1980 – Tables of Benefits for the Savings Fund for the period from 1.1.2017 to 31.03.2017.
The Table of Benefits under CGEGIS-198C for the period 01-01-2016 to 31-12-2016 issued by Ministry of Finance vide their OM dated 26-02-2016 was circulated to Zonal Railways/Production Units etc. vide Board’s,letter of even number dated 03-03-2016.
It has now been decided by Ministry of Finance that the Table of Benefits will now be issued on quarterly basis commencing from 01-01-2017 to 31.03.2017, Accordingly, Table of benefits under CGEGIS-1980 for the first quarter of the year 2017 i.e. 01-01-2017 to 31-03-2017 has now been issued vide Ministry of Finance’s Office Memorandum No. 7(2)/EV/20l6 dated 17-03-2017. A copy of the Ministry of Finance’s above office Memorandum alongwith Tables of benefits is enclosed herewith for information and necessary action.
DA: As above
joint Director, Pay Commission
New Delhi, Dated: 07.04.207
Government of India
Ministry of Finance
Department of Expenditure
New Delhi, the 17th March,2017
Sub: Central Government Employees Group Insurance Scheme, 1980 – Tables of for the savings fund for the period from 01.01.2017 to 31.03.2017.
Every year two Tables of Benefits are issued by the Ministry of Finance on calendar year basis for the savings fund to the beneficiaries under central Government Group Insurance scheme (CGEGIS-1980). While one Table of Benefits for the Savings fund of the Scheme is based on a subscription of Rs.10 per month from 1.1.1982 to 31.12.1989 and Rs.10 per month for those employees who had opted out of the revised rates of subscription w.e.f. 1.1.1990.
2. The Tables of Benefits under CGEGIS-80 are prepared by IRDA based on the rate of interest notified by DEA for small savings including GPF. Earlier, DEA used to notify the interest rate on financial year basis. However, DEA has now shifted to notifying the interest rate on quarterly basis. In view of this, it has been decided that the Table of benefits will be issues on quarterly basis commencing from 1.1.2017 to 31.3.2017.
3. The Two Tables under CGEGIS-80 for the first quarter of the year 2017 i.e. 1.1.2017 to 31.3.2017, prepared by IRDA, are enclosed. The benefits in the Tables have been worked out on the basis of interest @8% per annum (compounded quarterly), as notified by Department of Economic Affairs.
4. While calculating the amount it has been assumed that the subscription has been recovered or will be recovered from the salary of the month in which a member ceases to be in service failing which it should be deducted from accumulated amounts payable.
5. In its application to the employees of Indian Audit and Accounts Department this Office Memorandum issues in consulation with the comptroller and Auditor General of India.
Source : NFIR