RBE No. 11/2009: Central Government Employees Group Insurance Scheme (CGEGIS)

No.PC-III/2000/GIS/2, dated 15.01.2009

Sub: Central Government Employees Group Insurance Scheme, 1980 – Tables of Benefits for the Savings Fund for the period from 01.01.2009 to 31.12.2009.

In continuation of this Ministry’s letter No.PC-III/2000/GIS/2, dated 15.01.2008 (RBE No. 07/2008), a copy of OM No.7(2)/EV/2008, dated 22.12.2008 of the Ministry of Finance, Department of Expenditure on the above subject is forwarded herewith for information and necessary action.

Ministry of Finance

Department of Expenditure

OM No.7(2)/EV/2008, dated 22.12.2008

OFFICE MEMORANDUM

Sub:     Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2009 to 31.12.2009.

1.     The undersigned is directed to refer to this Ministry’s OM No.7(3)/EV/2007, dated 18^th December, 2007 forwarding therewith Tables of Benefits under CGEGIS for the year 2008. New Tables of Benefits for the savings fund of the Scheme based on a subscription of Rs.10 per month from 01.01.1982 to 31.12.1989 and Rs.15 per month w.e.f. 01.01.1990 onwards have been prepared for the year 2009 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. 01.01.1990 have also been drawn up for the year 2009 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 01.01.1982 to 31.12.1982. 11% per annum (compounded quarterly) w.e.f. 01.01.1983 to 31.12.1986, 12 % per annum (compounded quarterly) w.e.f. 01.01.1987 to 31.12.2000, 11% per annum (compounded quarterly) w.e.f. 01.01.2001 to 31.12.2001, 9.5% per annum (compounded quarterly) w.e.f. 01.01.2002 to 31.12.2002 and 9.0% per annum (compounded quarterly) w.e.f. 01.01.2003 to 31.12.2003 and 8% per annum (compounded quarterly) w.e.f. 01.01.2004 onwards. The mortality rate under the Scheme has been taken as 3.75 per thousand per annum upto 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.

Download Railway Board Circular RBE No.11/2009

Forward reference ⇒ RBE No.