GISS, 1987 – Table of Benefits upto July, 2023

GISS, 1987 – Table of Benefits upto July, 2023

WB FINANCE (CLICK HERE)

GROUP INSURANCE SAVINGS SCHEME (CLICK HERE)

 

GOVERNMENT OF WE BENGAL
FINANCE DEPARTMENT
AUDIT BRANCH

No. 031-F(J) W.B. Date: 11.05.2023

MEMORANDUM

SUBJECT: State Government Employees Group Insurance Scheme, 1987 – Table of Benefits under Savings Fund for the year of cessation of Membership 2023-2024.

In continuation of this Department’s Memo No. 002-F(J)W.B. dated 17.02.2023, 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 01.05.2023 to 31.07.2023 in matching with the Central Government Employees Group Insurance Scheme, 1980 circulated under GOI’s OM No. 7(2)/EV/2016 dated 16th December, 2022.

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

From To Interest p.a. (compounded quarterly) From To Interest p.a. (compounded quarterly)
01.11.1987 31.10.2001 12% 01.05.2020 31.10.2020 7.9%
01.11.2001 31.10.2002 11% 01.11.2020 31.01.2021 7.9%
01.11.2002 31.10.2003 9.5% 01.02.2021 30.04.2021 7.1%
01.11.2003 31.10.2004 9% 01.05.2021 31.07.2021 7.1%
01.11.2004 31.10.2012 8.0% 01.08.2021 31.10.2021 7.1%
01.11.2012 31.10.2013 8.6% 01.11.2021 31.01.2022 7.1%
01.11.2013 31.10.2014 8.8% 01.02.2022 30.04.2022 7.1%
01.11.2014 31.10.2017 8.7% 01.05.2022 31.07.2022 7.1%
01.11.2017 31.01.2018 8.0% 01.08.2022 31.10.2022 7.1%
01.02.2018 30.04.2018 7.9% 01.11.2022 31.01.2023 7.1%
01.05.2018 31.10.2018 7.8% 01.02.2023 30.04.2023 7.1%
01.11.2018 31.07.2019 7.6% 01.05.2023 31.07.2023 7.1%
01.08.2019 30.04.2020 8%

The mortality rate continues to remain unchanged.

3. 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.

4. 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.

5. 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 the same shall be deducted with interest from his/her entitlement.

Sd/- G. C. Paul
Joint Secretary
to the Government of West Bengal

ENCLOSURE TO THE FINANCE DEPARTMENT MEMO NO: 031-F(J)WB DATED: 11.05.2023.

TABLE OF BENEFITS SHOWING SAVINGS FUND ACCUMULATIONS UNDER THE GROUP INSURANCE SCHEME, 1987 FOR SUBSCRIPTION @ RS. 10/- PER MONTH,
YEAR OF CESSATION 2023-2024.
MONTH OF CESSATION FROM MAY, 2023 TO JULY, 2023.

YEAR OF ENTRY May, 2023 (In Rupees) June, 2023 (In Rupees) July, 2023 (In Rupees)
1987 22420.94 22559.82 22699.51
1988 20033.89 20158.73 20284.31
1989 17874.65 17986.79 18099.58
1990 15952.82 16053.65 16155.08
1991 14244.35 14335.13 14426.45
1992 12728.38 12810.25 12892.60
1993 11385.67 11459.64 11534.05
1994 10187.34 10254.26 10321.57
1995 9123.75 9184.42 9245.44
1996 8180.49 8235.60 8291.05
1997 7343.10 7393.29 7443.78
1998 6597.14 6642.95 6689.02
1999 5933.01 5974.91 6017.05
2000 5351.33 5389.80 5428.51
2001 4830.92 4866.34 4901.96
2002 4362.78 4395.45 4428.30
2003 3940.60 3970.77 4001.13
2004 3555.24 3583.15 3611.23
2005 3200.85 3226.67 3252.65
2006 2873.44 2897.35 2921.39
2007 2570.97 2593.10 2615.35
2008 2291.54 2312.02 2332.62
2009 2033.38 2052.34 2071.41
2010 1794.89 1812.44 1830.11
2011 1574.55 1590.82 1607.17
2012 1370.84 1385.90 1401.05
2013 1183.65 1197.61 1211.66
2014 1011.91 1024.86 1037.89
2015 854.41 866.43 878.53
2016 709.89 ‘721.07 732.31
2017 577.30 587.69 598.15
2018 455.13 464.81 474.54
2019 341.97 350.98 360.04
2020 237.30 245.69 254.14
2021 140.28 148.11 155.98
2022 49.87 57.17 64.50

Sd/- G. C. Paul
Joint Secretary
to the Government of West Bengal

 

DOWNLOAD ORDER COPY:-

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No. 031-F dated 11.05.2023Source

kamaleshforeducation.in(2023)  

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