BENIFITS OF SAVING FUND CGEGIS 01/10/2018 TO 31/12/2018

BENIFITS OF SAVING FUND CGEGIS 01/10/2018 TO 31/12/2018

BENIFITS OF SAVING FUND CGEGIS 01/10/2018 TO 31/12/2018

No. 7(2)/EV/2016Government of India

Ministry of Finance 

Department of Expenditure

New Delhi, the 10 December, 2018

OFFICE MEMORANDUM

Sub: Central Government Employees Group Insurance Scheme-1980 - Table of Benefits for the savings fund for the period from 01.10.2018 to 31.12.2018.

The Tables of Benefits for Savings Fund to the beneficiaries under the Central Government Employees Group Insurance Scheme-1980, which are being issued on a quarterly basis from 01.01.2017 onwards, as brought out in this Ministry's OM of even number dated 17.03.2017, for the quarter from 01.10.2018 to 31.12.2018, as worked out by IRDA based on the interest rate or 8% per annum (compounded quarterly) as notified by the Department or Economic Affairs as per their Resolution No. 5(1)-B(PD)/2018 dated 04.10.2018, are enclosed.

   MAHA

   

2. The Tables enclosed are of two categories as per the existing practice. As hitherto the first Table of Benefits for the saving fund of the scheme is based on the subscription or Rs.10 p.m. from 1.1.1982 to 31.12.1989 and Rs 15 p.m. w.e.f.. 1.1.1990 onwards. The second Table or Benefits for savings fund is based on a subscription of Rs.10 p.m. for those employees who hod opted out or the revised rate or subscription w.e.f. 1.1.1990.

3. While these orders are in respect of Table or Benefits for the period from 01.10.2018 to 31.12.2018, the Tables already issued for the first quarter, second quarter and third quarter i.e. for the period 01.01.2018 to 30.09.2018 are also reproduced for the sake convenience and consolidation.

4 In their application to the employees of Indian Audit and Accounts Department , these orders are issued after consultation with the Comptroller & Auditor General of India.

5 Hindi version of these orders is attached.

CGEGIS Table 2016 – Tables of Benefits for the savings fund for the period from 01.01.2016 to 31.12.2016

CGEGIS Table 2016 – Tables of Benefits for the savings fund for the period from 01.01.2016 to 31.12.2016

No.7(1)/EV/2014
Government of India
Ministry of Finance

Department of Expenditure
New Delhi, Dated the 26th February, 2016

OFFICE MEMORANDUM

Sub: Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2016 to 31.12.2016,

Every year two Table of Benefits are issued by the Ministry of Finance on calendar year basis for the savings fund to the beneficiaries under Central Government Employees 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 per unit from 1.1.1982 to 31.12.1989 and Rs.15 per month per unit w.e.f. 1.1.1990 onwards, the other Table of Benefits for the savings fund is based on a subscription of Rs.10 per month in respect of the employess who had opted out of the revised rates of subscription w.e.f. 1.1.1990.

2. The two Table of Benefits under CGEGIS-80 for the calendar year 2016, prepared by IRDS, are enclosed. The benefits in the Tables have been worked out on the basis of interest @8.7% per annum (compounded quarterly), as notified by Department of Economic Affairs.

3. 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.

4. In its application to the employees of Indian Audit and Accounts Department this Office Memorandum issues in consultation with the Comprtroller and Auditor General of India.

(Amar Nath Singh)
Deputy Secretary to the Government of India

Original Copy

Central Government Employees Group Insurance Scheme (CGEGIS): Views of Indian Audit & Accounts Department

The following rate of contribution and insurance coverage has been proposed by the 7th CPC;

Level Of Employees	Present		Proposed
	Monthly Deductions	Insurance Amount	Monthly Deductions	Insurance Amount
10 and above	120	1.20 Lakh	5000	50 Lakhs
6 to 9	60	60,000	2500	25 Lakhs
1 to 5	30	30,000	1500	15 Lakhs

Views of Indian Audit & Accounts Department

Since, there is steep rise in the monthly deductions, the following deductions and insurance amount is proposed:

Level Employees	Present		Proposed
	Monthly Deductions	Insurance Amonut	Monthly Deductions	Insurance amount
10 and above	120	1.20 Lakh	1500	15 Lakhs
6 to 9	60	60,000	750	7.5 Lakhs
1 to 5	30	30,000	350	3.5 Lakhs