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Friday, 8 July 2016

7th Pay Commission – Cabinet Decision on CGEGIS

Indian Military Veterans
Central Government Employees Group Insurance scheme

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


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