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7th Pay Commission CGEGIS Savings Funds 01.10.2022 to 31.12.2022
Last updated: Jan 1st, 2024 at 8:04pm Edited by: InfotechiesCGEGIS: The fully contributory and self-financing Central Government Employees Group Insurance Scheme (CGEGIS) was established. The program offers two benefits: a lump sum payout to the employee and insurance coverage to assist the families of Central Government employees in the case of death (including suicide) while in service. After a seven-year waiting period, insurance benefits in the event of a missing employee will be paid.
The program is required, and if an employee passes away while on the job, the person’s nominee will get the full amount of insurance coverage. CGEGIS is designed to give Central Government employees the dual benefits of insurance cover to assist their families in the case of a death in service and a lump-sum payout to bolster their resources upon retirement at a modest cost and on a totally contributory and self-financing basis.
CGEGIS retirement benefits
Based on the most recent benefits table released by the Finance Ministry, the maturity amount of the savings fund in the CGEGIS Scheme is determined. A table outlining the advantages of the savings fund in the system was published by the Department of Expenditure every three months (from January to March, April to June, July to September, and October to December). The actual maturity amount is given to the employee at the time of retirement, per the benefits table.
| CGEGIS Table of Benefits of Saving Funds from 01.10.2022 to 31.12.2022 No.7(2)/EV/2016 Government of India Ministry of Finance Department of Expenditure E-V Branch New Delhi, the 16th December 2022 Office Memorandum Sub: Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.10.2022 to 31.12.2022. 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 01.10.2022 to 31.12.2022, 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. 9(4)-B(PD)/2021 dated 03.10.2022, are enclosed. 2. 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 the 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. 3. 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. 4. Hindi version of these orders is attached. Sd/- (Gulveena Badhan) Deputy Secretary to the Government of India |
Present Rates of CGEGIS
| Group | Monthly Deduction (Rs.) | Insurance Amount (Rs.) | No. of Units (for Savings) |
| A | 120 | 1,20,000 | 8 |
| B | 60 | 60,000 | 4 |
| C | 30 | 30,000 | 2 |
Rates of CGEGIS 7th Pay level Employee
| 7th Pay Level of Employee | Monthly Deduction (Rs.) | Insurance Amount (Rs.) |
| Pay Level 10 and above | 5000 | 50,00,000 |
| Pay Level 6 to 9 | 2500 | 25,00,000 |
| Pay Level 1 to 5 | 1500 | 15,00,000 |