CGEGIS - Revised Table of Benefits

CGEGIS – Central Government Employees Group Insurance Scheme – Revised Table of Benefits for Savings Fund from 1st January 2016 to 31.12.2016 – Finance Ministry Office Memorandum

Central Government Employees Group Insurance scheme table of benefits

Department of Expenditure, Ministry of Finance has come up with the revised Table of Benefits in repsect of Savings Fund of CGEGIS. Though CGEGIS exists for Central Government Employees for very long time, its usefulness to employees is in question on account of the megure insurance coverge offered in this Scheme.

Click here to read the article on the need for reasonable Insurance coverage under CGEGIS

Present Rates of CGEGIS

Group

Monthly Deduction
(₹)

Insurance Amount
(₹)

No. of Units
(for Savings)

120

1,20,000

60,000

30,000

7th Pay Commission has recommended for revision of insurance coverage under CGEGIS substantially. Govt is considering this aspect along with other recommendations of 7th CPC.

7th Pay Commission recommended Rates of CGEGIS

Level of
Employee

Monthly Deduction
(₹)

Insurance Amount
(₹)

10 and above

5000

50,00,000

6 to 9

2500

25,00,000

1 to 5

1500

15,00,000

Read: 7th Pay Commission Report on CGEGIS

Text of OM dated 26.02.2016 for revision table of benefits for savings fund under CGEGIS

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