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
(M.K.Panda)
joint Director, Pay Commission
Railway Board
No. PC-III/2000/GIS/2
New Delhi, Dated: 07.04.207
No,7(2)EV/2016
Government of India
Ministry of Finance
Department of Expenditure
New Delhi, the 17th March,2017
OFFICE MEMORANDUM
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