Friday, November 21, 2008

CGEGIS

Retirement Benefits:- Central Government Employees Group Insurance Scheme The Scheme, Central Government Employees' Group Insurance Scheme (CGEGIS) came into force from 1st January,1982. This scheme provides for the Central Govt. employees the two fold benefit viz. (1) insurance cover to help their families and (2) lump sum payment to augment their resources on retirement. The scheme has two funds namely (1) Insurance Fund and (2) 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. Eligibility (i) The scheme is compulsory for all regular employees including canteen employees. (ii) Employee joining service from Ist January of a year will be a member of the Scheme from the date of joining. (iii) Employee joining service on any other date will be entitled for insurance cover alone from the actual date of joining till the end of that year and will become full fledged member from the 1st January of the next year. (iv) Re-employed defence personnel shall not be admitted to this scheme until the expiry of extended insurance cover under the Group Insurance Scheme for Armed Forces. Subscription and Insurance Cover (i) Under the scheme monthly subscriptions are to be made by each group of employees to get the appropriate insurance cover as follows (a) For members as on 31.1.1989, who opted for the old scheme :
Group of Employees Subscription per month (Rs.) Amount of Insurance cover (Rs.)
A8080,000
B4040,000
C2020,000
D1010,000
(b) For members as on 31.1.1989 who opted for the new scheme and those joining on or after 1.2.1989 :
EmployeesFrom date of joining to succeeding Ist January From succeeding Ist January Insurance cover (Rs.)
A401201,20,000
B206060,000
C103030,000
D51515,000
(ii) If an employee is promoted to a higher grade in between a calendar year, his subscription will be raised w.e.f. the following 1st January. (iii) If an employee is reverted to a lower grade, his subscription and insurance will not be changed. It will remain as applicable to the higher grade to which he belonged before reversion. (iv) Subscription for a month shall be recovered from the employee’s salary for that month. (v) Subscription shall be recovered even for the month in which the employee ceases to be in service on account of retirement, death, resignation, removal etc. from service, or is on leave or suspension. (vi) If subscription is not paid during any period of extraordinary leave, the arrears will be recovered with interest due under the Scheme, in maximum 3 instalments, from the month following the month in which employee returns for duty. If an employee dies while on extraordinary leave , the arrears will be recovered with compound interest @ 12% p.a. from the amount payable to the family under the scheme. (vii) If subscription is delayed due to delayed payment of salary, no interest will be charged. (viii) In exceptional circumstances, when employee cannot subscribe to CGEGIS, he can make non-refundable withdrawal from his PF account and pay the subscription. (ix) 30% of the subscription will go to Insurance Fund and the balance 70% will go to Savings Funds. Fifth Pay Commission has recommended to revise the proportion to 25% and 75% provisionally and review the same based on mortality rates. Interest on Savings Fund Interest will be paid on the balance in the Savings Fund at prescribed rates, compounded quarterly. Benefits under the Scheme (i) On Resignation/Retirement :- Amount of subscription credited to the Savings Fund alongwith interest thereon will be paid to the employee. (ii) On Death : Amount of insurance cover of the group to which he belongs on the date of death and the accumulation in Savings Fund will be paid to his nominee/heirs. (iii) If an employee dies before he was enrolled as a member (i.e. between the date of his joining service and the following Ist January), only the insurance amount will be paid to the nominee/heirs. (iv) Assignment of Insurance Cover and Savings Fund for obtaining loans : An employee can assign the insurance cover and accumulation in the savings fund to a recognised financial institution, for obtaining housing loans. However, no loans/advance or withdrawals are permitted from Insurance Fund/Savings Fund. (v) The amount of subscription is eligible for Income Tax Rebate u/s 88 of IT Act. Mode of Payment (i) The payment under the scheme shall be made to the employee in case of retirement, or quitting service otherwise. (ii) In case of employee's death, the amount shall be paid to : (a) if there is a valid nomination, to the nominee(s) in the manner prescribed. (b) if there is no valid nomination, as per valid nomination for GPF. (c) if there is no valid nomination for PF also, then in equal shares to widow(s)/minor sons and unmarried daughters. When none of these are alive, then to other members of the family in equal shares. (d) if neither any valid nomination is there, nor any member of the family is alive then to legal heirs on furnishing the succession certificate. (iii) When the whereabouts of an employee are not known : (a) Savings Fund accumulation will be paid to the nominees/members of the family/legal heirs after one year following the month of disappearance on furnishing a police report that employee is not traceable in spite of all efforts and an Indemnity Bond. (b) The insurance amount will be paid after 7 years of the disappearance on production of decree of presumed death of the employee. (c) Full subscription for the first year and reduced subscription for the insurance premium alone for the next 6 years will be recovered from the amount payable. Other Conditions : (a) The amount due to the minor can be paid to mother as natural guardian without any certificate in the case of non-Muslims and with guardianship certificate in the case of Muslims. (b) If any person eligible for share of benefits is charged with murder or abetting murder of the employee, his claim will be suspended. If he is convicted he will be debarred from receiving any share, if he is acquitted his share will be paid without any interest. (c) Any dues to the government cannot be recovered from amount payable under the scheme.

1 comments:

Prashant said...

Dear Sir / Madam,
I would like to place on record, my high appreciation for this blog and to the efforts of people behind it. The information available is indeed useful and is generally not available. Keep up the good work.

LIST OF CGHS HOSPITALS
1. ALLAHABAD 2. AHEMDABAD 3. Bangalore 4. Bhubhaneshwar 5. Bhopal
6. Chandigarh 7. CHENNAI 8. Delhi 9. Dehradun 10. Guwahati
11. Hyderabad 12. Jaipur 13. Jabalpur 14. Kanpur 15. Kolkata
16. Lucknow 17. Meerut 18. Mumbai 19. Nagpur 20. Patna
21. Pune 22. Ranchi 23. Shillong 24. Trivandrum 25. Jammu.
7th CENTRAL PAY COMMISSION NEWS
TITLEDATEARTICLESORDERS
7TH CPC REPORT AND THE NEED FOR TIMELINESS16.04.20147thCPC Blog
DID YOU KNOW HOW THE 6TH CPC MULTIPLICATION FACTOR OF 1.86 WAS DERIVED..?15.04.201490Paisa
EXPECTED PAY STRUCTURE OF 7TH CPC10.04.201490Paisa
Date of submission of 7th CPC Report05.04.2014-Rajya Sabha
Comments and Suggestions on 7th CPC04.04.201490Paisa
A webpage has been created by the Ministry of Finance for 7th Central Pay Commission24.03.2014-Finmin
Federations veiws on the ToR of 7th CPC05.03.2014AIRF/BPMS/IRTSA
Cabinet approved 7th Central Pay Commission Terms of Reference28.02.201490Paisa
Prime Minister has approved the composition of the 7th Central Pay Commission04.02.201490Paisa
NO COMPROMISE ON TERMS OF REFERENCE07.12.2013NFPE
Possible ToR meeting with Staff Side JCM-Dopt19.11.2013Dopt
7th CPC Date for implementation11.10.20137thcpcnews
Press Statement of Confederation of 7th CPC25.09.2013Confederation
Consent given by PM for 7th CPC25.09.201390Paisa
NATIONAL ANOMALY COMMITTEE - DECSIONS & DISCUSSIONS AND MINUTES & RESULTS
PROMOTIONAL SCHEMES ACP MACP
DESCRIPTION STAFF SIDE OFFICIAL SIDE
SETTING UP OF NAC 12.01.2009
COMPOSITION OF NAC 05.02.2009
EXTENSION OF NAC 01.07.2010
1st NAC MEETING(12.12.2009) 08.02.2010
2nd NAC MEETING(27.03.2010) AIRF//NFIR 04.05.2010
3rd NAC MEETING(15.02.2011) AIRF/CONF 21.04.2011
4th NAC MEETING(05.01.2012) AIANGO//AIRF 05.01.2012
5th NAC MEETING(17.07.2012) NFIR//NFIR 13.09.2012
MACP MEETING NFIR/ 03.05.2010
2nd MACP MEETING(15.09.2010) CONF/AIRF 06.10.2010
3rd MACP MEETING(15.03.2011) CONF 20.04.2011
4th MACP MEETING(27.07.2012) NFIR/CONF/IRTSA/INDWF/NFIR 13.09.2012
NATIONAL COUNCIL JCM (15.05.2010) NFPE/BPMS 07.07.2010
AGENDA ITEMS AIRF2011/AIRF2012 17.01.2011
INCREMENT ISSUE SETTLED 05.01.2012 19.03.2012
LIST OF PARTICIPANTS NAC/MACP NAC/MACP
RETIREMENT AGE 62
HEADLINESDATEOUR BLOGOTHER BLOGSOTHER MEDIAS
Retirement age of 65: The Politicization of Employees’ Demands11.04.201490Paisa--
Retirement age to 62-What is the background behind this news?01.03.201490Paisa--
50% DA Merger and Retirement age almost disappeared from CG Employees Diary...!07.03.2014-GServants-
High hopes fading due to announcement of election dates...05.03.2014-Karnmk-
Proposals of Retirement age 62 and 50% DA Merger..?01.03.2014-GServants-
Retirement Age 62 - Cabinet expected to clear on Friday (28.202014)26.02.201490Paisa--
Retirement Age 62 – Cabinet is likely to clear some of these demands..!25.02.2014-PCUpdate
Proposal for raising Retirement Age to 62 waits for Cabinet Nod17.02.2014-GServants-
Parliamentary panel urged to raise the retirement age to 65 years08.02.2014--TOI
Retirement Age 62 : Govt not considering to raise retirement age to 6218.08.2013-PTI
Retirement age 62 – No hike in Retirement age of Central Government employees…15.08.2013-CGEN.in-
Retirement Age 62 - Prime Minister likely to declare on his Independence Day speech14.08.2013-CGEN.in-
Retirement Age of High Court Judges23.08.201390Paisa--
Retirement Age 62 – Cabinet decision to increase retirement age deferred03.08.2013--B.Standard
No plan to increase retirement age of employees16.06.2013--PTI
Pros and cons of raising the retirement age of Central Government Employees09.06.2013-EOrders-
No decision on central staff retirement age on cabinet meeting05.06.2013-PCUpdate-
Retirement age to be extended by 2 years to 6204.06.2013--FExpress
Increase retirement age of government employees to 6230.05.2013--ET
Union government wants retirement age 6229.05.2013--Rediff
No proposal to enhance the retirement age from 60 to 62 years08.03.201390Paisa--
Call to increase retirement age of bank employees to 6504.02.2013--Hindu
Retirement age of Central Government Employees20.01.201390Paisa--
Retirement age of faculty doctors from 65 to 70 years…03.12.201290Paisa-
Enhancement of superannuation retirement age of KV teachers31.08.201290Paisa-
Retirement age of Teachers and Lecturers26.08.201290Paisa--
Cabinet today approved the proposal to enhancement of age of superannuation of teachers to 6521.07.2012--PIB
Retirement age across the world - ILC Report10.07.2011--Global
Govt employees near retirement should not be disturbed05.09.2010--PTI
PIL on retirement age of civil servants 25.09.2010--PTI

Disclaimer

90 Paisa News : As and when orders amending the rules are published by the Government, the amendment orders will be published in our blog immediately. Readers are requested to refer to the source link is given at the end of the post.

All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes. 90paisa accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents. Users are advised to verify/check any information with the relevant department(s) and/or other source(s), and to obtain any appropriate professional advice before acting on the information provided in the blog.


Links to other websites that have been included on this blog are provided for public convenience only.

90paisa is not responsible for the contents or reliability of linked websites and does not necessarily endorse the view expressed within them. We cannot guarantee the availability of such linked pages at all times.

Any suggestions write to us
90paisa2008@gmail.com


Related Posts with Thumbnails