The most expected order has been issued by Finance Ministry today…
The Central Government Employees Group Insurance Scheme provides insurance cover to their families and lumpsum payment to augment their resources on retirement. The scheme started 1.1.1982 and it has two funds are namely Insurance Fund and another one Savings fund. A portion of the subscription is credited to Insurance Fund and the other portion to the Savings Fund in the ratio of 3:7. The Savings Fund will earn interest at the prescribed rate to be compounded quarterly.
All these employees’ who had entered Central Government Service after 1st November,1980 will be compulsorily covered under the scheme from the date it came into force i.e. from 1st January,1982. The employees will be enrolled as members of the scheme only from 1st January every year. If an employee enters service on or after 2nd January in any year, he will be enrolled as a member only from 1st January of the next year. However, he will be entitled to insurance cover from the actual date of entry of service till the end of that calendar year by paying monthly subscription of Rs. 5/- p.m. as premium for every Rs. 15,000/ – of the insurance cover.
Similarly, on regular promotion of a member of a lower Group to a higher Group after 1st January in a year, his subscription will be raised from the 1st January of the next year.
Two types of tables annexed in the order to calculate the maturity amount of the funds deposited in the scheme. The rate of interest per annum compounded quarterly for contribution of Rs.10 per month throughout …
| From | To | Interest |
|---|---|---|
| 1.1.82 | 31.12.82 | 0.1 |
| 1.1.83 | 31.12.86 | 0.11 |
| 1.1.87 | 31.12.00 | 0.12 |
| 1.1.01 | 31.12.01 | 0.11 |
| 1.1.02 | 31.12.02 | 0.095 |
| 1.1.03 | 31.12.03 | 0.09 |
| 1.1.04 | 30.11.11 | 0.08 |
| 1.12.11 | 31.12.12 | 0.086 |
*Interest per annum compounded quarterly
Savings Fund :
68.75% from 1.1.82 to 31.12.87
70% from 1.1.88 and onwards
31.25% from 1.1.82 to 31.12.87
30% from 1.1.88 and onwards
And another table denotes the maturity amount of funds…
Contribution of Rs.10 per month upto 31.12.89 and Rs.15 throughout after 1.1.90
Accumulated value of contribution from 1st January of year of Entry to the month and year of cessation
year of cessation of membership 2012
| From | To | Interest |
|---|---|---|
| 1.1.82 | 31.12.82 | 0.1 |
| 1.1.83 | 31.12.86 | 0.11 |
| 1.1.87 | 31.12.00 | 0.12 |
| 1.1.01 | 31.12.01 | 0.11 |
| 1.1.02 | 31.12.02 | 0.095 |
| 1.1.03 | 31.12.03 | 0.09 |
| 1.1.04 | 30.11.11 | 0.08 |
| 1.12.11 | 31.12.12 | 0.086 |
*Interest per annum compounded quarterly
Savings Fund :
68.75% from 1.1.82 to 31.12.87
70% from 1.1.88 and onwards
31.25% from 1.1.82 to 31.12.87
30% from 1.1.88 and onwards
dipankar chakrabartty says
want cgegis cessation of membership table 2012 for the use of pensioners benefits.