AP EMPLOYEES GIS REVISED RATE OF INTREST TABLES G.O.MS.NO.111 Dt.17/10/2023

WhatsApp Group Join Now
Telegram Group Join Now

AP EMPLOYEES GIS REVISED RATE OF INTREST 7.1%:PUBLIC SERVICES — Employees Welfare Scheme — Andhra Pradesh State Employees Group Insurance
Scheme — 1984 — Revised Rate of Interest (7.1% p.a) w.e.f 01-10-2022 to 30-06-2023 on accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01-01-2022 to 30-06-2023 — Revised Tables — Orders — Issued.


FINANCE (ADMN-III-DI, DSA) DEPARTMENT
G.0.MS.No.111 Dated:17.10.2023
Read the Following:-
1) G.0.MS.No.293, Finance & Planning (Finance.Wing-Accts.II}
Department, Dated:08.10.1984
2) G.0.MS.No.312,Finance.&Plg.(Fin.Wing. Accts.I)Department,Dated:06-11-1984
3) G.0.MS.No.367,Finance&Planning(FW-Admn.IT)Department,Dated:15-11-1994
4) G.0.RT.No.3060, Finance (HR-11I-Pension,GPF) Department,Dated:29-12-2020
5) G.0.MS.No.8, Finance (Admn-IIL.DI, DSA) Department. Dated:22-02-2021
6) G.O.RT.No.337, Finance (HR-III-Pension,GPF) Department,Dated:26-02-2021
7) G.O.MS.No.43, Finance (Admn-TILDI, DSA) Department. Dated:25-06-2021
8) G.0.RT.No.1590, Finance (HR-III-Pension,GPF) Department,Dated:01-07-2021
9) G.0.MS.No.74, Finance (Admn-1I1.DI, DSA) Department. Dated:17-09-2021
10) G.O.RT.N0.1936, Finance (HR-III-Pension,GPF) Department,Dated:29-09-2021
11) G.O.RT.No.2025, Finance (HR-III-Pension,GPF) Department,Dated:23-12-2021
12) G.0.MS.No.94, Finance (Admn-IIL.DI, DSA) Department. Dated:09-05-2022
13) G.O.RT.No.55,Finance (HR-1II-Pension,GPF) Department,Dated:22-02-2022
14) G.O.MS.No.177, Finance (Admn-II1.DI, DSA) Department. Dated:19-07-2022
15) G.O.RT.No.167,Finance (HR-1II-Pension,GPF) Department,Dated:30-06-2022
16) G.O.RT.No.247 Finance (HR-III-Pension,GPF) Department,Dated:20-09-2022
17) G.0.MS.No.63, Finance (Admn-111.DI, DSA) Department. Dated:26-04-2023
18) G.O.RT.No.327,Finance (HR-I1I-Pension,GPF) Department,Dated: 29-12-2022
19) G.O.RT.No.66,Finance (HR-III-Pension,GPF) Department,Dated: 06-04-2023
20) G.O.RT.No.116,Finance (HR-III-Pension,GPF) Department,Dated: 02-06-2023


ORDER:
In the reference 1* read above, orders were issued for introducing Group
Insurance Scheme to the State Government Employees in place of Family Benefit
Scheme with effect from 01-11-1984. According to Para 9 of the reference 1% read
above, the accumulations of Savings Fund part and Insurance Fund part shall carry
interest at the rates prescribed by Government from time to time.

  1. In the reference 2™ read above, orders were issued for apportioning the
    subscription of each unit of Rs.10/- between Insurance Fund and Savings Fund in the
    ratio of Rs.3.125/- and Rs.6.875/-respectively.
  2. In terms of the recommendation of the Committee constituted to review the
    working of the Andhra Pradesh State Employees Group Insurance Scheme in
    Government orders 3™ read above, orders were issued for revision of rate of subscription
    of each unit from Rs.10/- to Rs.15/- with effect from 01-11-1994. The apportionment of
    the subscription of each unit Rs.15/- between Insurance Fund and Savings Fund was
    fixed in the ratio of Rs.4.50/- and Rs.10.50/- respectively with effect from 01-11-1994,
    The amount of Insurance coverage will be Rs.15, 000/- for each unit of subscription.

4. The rate of interest on accumulations of Savings Fund of the Member of the Scheme and the interest on the Insurance Fund from time to time is as follows:

  1. Government has constituted a committee for preparation of Tables for calendar
    year 2016 onwards on par with CGEGIS tables. The Committee has prepared a
    simplified table for maturity value of one unit for the calendar year 2016 and in
    Continuation of the government orders the table for 4″ Quarter of Calendar Year 2022
    ,1* Quarter and 2™ Quarter of Calendar Year 2023 is prepared at the applicable interest
    rates 7.1% per anum.
  2. The Sanctioning Authorities / Drawing and Disbursement Officers / Treasury
    Officers /District Audit Officers / Pay and Accounts Officers / Director of Works and
    Accounts are requested to keep in view of the appended Table while sanctioning and
    making the final payments under Group Insurance Scheme for proper implementation
    of the Scheme. Further, the following instructions shall also be scrupulously followed:

  3. The Head of the Department / Drawing and Disbursement Officer shall be
    held responsible for sanctioning the Group Insurance Scheme final payments.
    If any excess Payments are found, the difference amount shall be collected
    from the sanctioning authority and such Officers are liable for disciplinary
    action.
    The Drawing and Disbursement Officer shall recover the correct rate of
    subscription according to the eligible group of employees. For any excess/less
    recovery, the Drawing and Disbursement Officer concerned shall be held
    responsible.
    The Director of Insurance, Andhra Pradesh, Amravati, and Ibrahimpatnam
    shall conduct a regular Audit of all claims paid under Group Insurance
    Scheme and send a report to the Head of the Department concerned.
    The Head of the Department concerned shall take action against the erring
    officials who are responsible for the excess / less recoveries wherever they
    are detected
    Any excess payment made, if found during the Audit by the Directorate of
    Insurance, the same shall be immediately recovered from the concerned and
    remitted through e-challan to the Head of Account i.e. 8011-107-01 by the
    Drawing and Disbursement Officer and the fact of remittance shall
    invariably be communicated to the Directorate of Insurance.
    If an employee’s subscription at any period if not recovered during his
    Service the total subscription along with interest shall be recovered from the
    payments admissible to him.
    All the Heads of Offices should take prompt action for recording the
    necessary subscription entries in the Service Registers of the employees
    under proper attestation every year at the close of March and a Certificate
    shall be recorded in the Service Book of each employee that subscription to
    the Scheme at the appropriate rates have been recovered for the period from
    April to March. The entries shall be attested by the Drawing and Disbursing
    Officer.
  1. As per G.0.Ms.No.910, Finance (Admn.II) Department, Dated: 28.10.2002
    “Sanctioning authority shall send a copy of sanction orders of the Group
    Insurance Scheme Payment including calculation slip to the Directorate of
    Insurance for verification™.

As per G.0.Ms.No.225, Finance (Admn.II) Department, Dated:22-06-2010
the revised pay slabs as per RPS 2010 and its Corresponding Slabs in the Revised Scales of Pay, 2015 & 2022 for Classification of Groups and Compulsory deduction of subscription units applicable to the corresponding
groups as shown below.

  1. In view of the above circumstances stated above and after careful examination
    of the matter, Government hereby order that the revised rate @7.1% p.a. 1™ Oct 2022
    on the Andhra Pradesh Group Insurance Savings Funds shall be allowed to continue up
    to 30-06-2023. Further, it is ordered that instructions prescribed should be followed
    scrupulously. The revised Table is annexed in Annexure I and some illustrations are
    also given in Annexure-II.

Upto 31/10/1994 one Unit =Rs.10 (saving6.875+insurance3.125) and from 1/11/1994 unit size
increased to Rs.15( saving 10.5+insurance4.5). This change is considered while arriving to
maturity value of saving portion of one unit. The month November in a calendar year is taken as starting month.

DOWNLOAD G.O.MS.NO.111

Join Our WhatsApp Group

Join Our Groups

WhatsApp Group Join Now
Telegram Group Join Now

Stay informed about the latest government job updates with our Sarkari Job Update website. We provide timely and accurate information on upcoming government job vacancies, application deadlines, exam schedules, and more.

Categories

Category 1

Category 2

Category 3

Category 4

Category 5

error: Content is protected !!