CGEGIS – Central Government Employees Group Insurance Scheme – 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
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.
Text of OM dated 26.02.2016 for revision table of benefits for savings fund under CGEGIS
Government of India
Ministry of Finance
Department of Expenditure
New Delhi, Dated the 26th February, 2016
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.