The Ministry of Finance has issued an office memorandum regarding the Central Government Employees Group Insurance Scheme-1980. The Tables of Benefits for Savings Fund for the period from 01.01.2023 to 31.03.2023 have been released based on the interest rate of 7.1% per annum (compounded quarterly) as notified by the Department of Economic Affairs.
The Tables are of two categories based on the subscription rates. The memorandum also mentions that the orders are issued in consultation with the Comptroller and Auditor General of India as mandated under Article 148(5) of the Constitution of India for persons serving in the Indian Audit and Accounts Department.
No. 7(1)/ EV/2023
Government of India
Ministry of Finance
Department of Expenditure
E-V Branch
New Delhi, the 09 February, 2023
OFFICE MEMORANDUM
Sub: Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2023 to 31.03.2023.
The Tables of Benefits for Savings Fund to the beneficiaries under the Central Government Employees Group Insurance Scheme-1980, which are being issued on a quarterly basis from 01.01.2017 onwards, as brought out in this Ministry’s OM of even number dated 17.03.2017, for the quarter from 01.01.2023 to 31.03.2023, as worked out by IRDA based on the interest rate of 7.1% per annum (compounded quarterly) as notified by the Department of Economic Affairs as per their Resolution No. 5(4)-B(PD)/ 2021 dated 03.01.2023, are enclosed.
- The Tables enclosed are of two categories as per the existing practice. As hitherto, the first Table of Benefits for the savings fund of the scheme is based on the subscription of Rs.10 p.m. from 1.1.1982 to 31.12.1989 and Rs.15 p.m. w.e.f. 1.1.1990 onwards. The second Table of Benefits for savings fund is based on a subscription of Rs.10 p.m. for those employees who had opted out of the revised rate of subscription w.e.f. 1.1.1990.
- In so far as the persons serving in the Indian Audit and Accounts Department are concerned, these Orders are issued in consultation with the Comptroller and Auditor General of India, as mandated under Article 148(5) of the Constitution of India.