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GISS, 1987 – Table of Benefits upto October, 2020

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GOVERNMENT OF WEST BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 2291-F(J)-N.B. Date: 24th July, 2020

MEMORANDUM

Subject: State Government Employees Group Insurance cum Savings Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2020-2021.

In continuation of this Department’s Memo No. 1828-F(J)NB dated 01.06.2020, the undersigned is directed to say that a new table of benefits showing accumulation of savings fund under the above mentioned scheme corresponding to a unit subscription of Rs. 10/- (Rupees Ten) only per month has been drawn up for the period from 01.08.2020 to 31.10.2020 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(2)/EV/2016 dated 11.12.2019.

A copy of the said table is enclosed herewith as ready-reckoner. The figures have been worked out on the basis of the rates of interest as follows:-

From To Interest p.a. (compounded quarterly) From To Interest p.a. (compounded quarterly)
01.11.1987 31.10.2001 12% 01.02.2018 30.04.2018 7.9%
01.11.2001 31.10.2002 11% 01.05.2018 31.10.2018 7.8%
01.11.2002 31.10.2003 9.5% 01.02.2018 30.04.2018 7.9%
01.11.2003 31.10.2004 9.0% 01.05.2018 31.10.2018 7.8%
01.11.2004 31.10.2012 8.0% 01.11.2018 30.04.2019 7.6%
01.11.2012 31.10.2013 8.6% 01.05.2019 31.07.2019 7.6%
01.11.2013 31.10.2014 8.8% 01.08.2019 30.04.2020 8%
01.11.2014 31.10.2017 8.7% 01.05.2020 31.07.2020 7.9%
01.11.2017 31.01.2018 8.0% 01.08.2020 31.10.2020 7.9%

The mortality rate continues to remain unchanged.

2. The amounts shown in the table are applicable (with the fractions) for one unit and to be rounded off after calculating the final amount payable.

3. The amounts shown in the table are applicable to a member of Group-D category. Corresponding amounts for the member of higher groups may be calculated proportionately.

4. It is assumed that subscriptions have fully been realized from salary up to the month in which a member ceases to be in service, failing which the same shall be deducted with interest from his/her entitlement.

Additional Secretary to the
Government of West Bengal

No. 2291-F dated 24.07.2020, Source