Indian Military Veterans
7th Pay
Commission Recommendation on CGEGIS was not accepted by Govt. CGEGIS
in the present form continues – CGEGIS Monthly subscription rates remain
same
7th Pay
Commission Recommendation on CGEGIS was not accepted by Govt. CGEGIS
in the present form continues – CGEGIS Monthly subscription rates remain
same
7th CPC Recommendation on CGEGIS is not accepted by Govt,
present rate will continue
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
|
The 7th Pay Commission had recommended the following rates for
Central government Employees Group Insurance Scheme (CGEGIS). The subscription
amount has been increased considerably to increase the Insurance amount .
|
Level of Employee
|
Monthly Deduction (₹)
|
Insurance Amount (₹)
|
|
10 and above
|
5000
|
50,00,000
|
|
6 to 9
|
2500
|
25,00,000
|
|
1 to 5
|
1500
|
15,00,000
|
This has been objected by NCJCM in its memorandum. It demanded to reduce
the monthly deduction as it is much higher than the Premium rates available for
Term life Insurance in Open Market. The Central Government accepted this demand
and rejected this recommendation and asked Ministry of Finance to work out a
customized group insurance scheme for Central Government Employees with low
premium and high risk cover.
The Press release issued by the Central
Government says,
” The Cabinet also decided not to accept
the steep hike in monthly contribution towards Central Government Employees
Group Insurance Scheme (CGEGIS) recommended by the Commission. The existing
rates of monthly contribution will continue. This will increase the take home
salary of employees at lower levels by Rs. 1470. However, considering the need
for social security of employees, the Cabinet has asked Ministry of Finance to
work out a customized group insurance scheme for Central Government Employees
with low premium and high risk cover.”
Now the existing rate of CGEGIS is as under:-
|
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
|
Exp:55%
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