HomeCGEGISCGEGIS Table 2012 - Tables of Benefits for the savings fund for the period from 01.01.2012 to 31.12.2012

CGEGIS Table 2012 – Tables of Benefits for the savings fund for the period from 01.01.2012 to 31.12.2012

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No.7(1)/EV/2012
Government of India
Ministry of Finance
Department of Expenditure
********

New Delhi, the 24th April, 2012

OFFICE MEMORANDUM

Sub: Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2012 to 31.12.2012.

The undersigned is directed to refer to this Ministry’s O.M. No,7(1)/EV/2010 dated 31st January, 2011 forwarding therewith Tables of Benefits under CGEGIS for the year 2011. New Tables of Benefits for the savings fund of the Scheme based on a subscription of Rs.10 per month from 1.1.1982 to 31.12,1989 and Rs.15 per month w.e.f. 1.1.1990 onwards have been prepared for the year 2012 and a copy of the table is enclosed. Another Table of Benefits for the savings fund based on a subscription of Rs.10 per month for those employees who had opted out of the revised rates of subscription w.e.f. 1.1.1990 have also been drawn up for the year 2012 and a copy of that table is also enclosed. The amounts in the Tables have been worked out on the basis of interest @ 10% per annum (compounded quarterly) for the period from 1.1.1982 to 31.12.1982, 111% per annum(compounded quarterly) w,e.f. 1.1.1983 to 31.12.1986, 12% per annum(compounded quarterly) w.e.f. 1.1.1987 to 31.12.2000, 11% per annum (compounded quarterly) w.e.f, 1.1.2001 to 31.12.2001, 9.5% per annum(compounded quarterly) w.e.f. 1.1.2002 to 31.12.2002, 9.0% per annum(compounded quarterly) w.e.f. 1.1.2003 to 31.12.2003, 8% per annum (compounded quarterly) w,e.f. 1.1,2004 to 30,1 1.2011 and 8.6% per annum (compounded quarterly) w.e.f. 1.12.2011 onwards. The mortality rate under the Scheme has been taken as 3.75 per thousand per annum up to 31.12.1987 and 3.60 per thousand per annum thereafter in both the cases. 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.

2. In its application to the employees of Indian Audit and Accounts Department this Office Memorandum issues in consultation with the Comptroller and auditor General of India.

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(SIDDHARTH SHARMA)
DIRECTOR

Click here to get Original Order & Table

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2 COMMENTS

  1. Dare : 9/5/2012
    Central govt financial issues day by day are going to delayed such as follows;
    1. One additional increment issue
    2. PRIS (G)
    3. PRIS (I)
    4. Update Allowance
    govt employees are waiting for the same due to suffering from financial circumstances like higher education of childrens for Diploma/BSc/MSc etc.
    Accounts offices of govt employers are showing cause like manpower shortage, but such cause is not believable because presently maximum contract systems are going on at each govt dept to complete the fulfillment of existing workload. Also back log of govt employment also filled through Cat-I and Cat-II trainees i think such reason is not suitable for delayed of financial issues work. In the present time govt employer should introduce any financial scheme to provide financial assistance to govt employee suffering from
    Higher education of childrens Accommodation after retirement

  2. Dare : 9/5/2012
    Central govt financial issues day by day are going to delayed such as follows;
    1. One additional increment issue
    2. PRIS (G)
    3. PRIS (I)
    4. Update Allowance
    gont employees are waiting for the same due to suffering from financial circumstances like higher education of childrens for Diploma/BSc/MSc etc.
    Accounts offices of govt employers are showing cause like manpower shortage, but such cause is not believable because presently maximum contract systems are going on at each govt dept to complete the fulfillment of existing workload. Also back log of govt employment also filled through Cat-I and Cat-II trainees i think such reason is not suitable for delayed of financial issues work. In the present time govt employer should introduce any financial scheme to provide financial assistance to govt employee suffering from
    Higher education of childrens Accommodation after retirement

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