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.
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.
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.
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:
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.
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:
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.
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.
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.