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GIS-Revised Rate of Interest (7.1% p.a) - for the Period from 01-10-2020 to 31-03-2021

 

PUBLIC SERVICES – Employees Welfare Scheme – Andhra Pradesh State Employees Group Insurance Scheme – 1984 – Revised Rate of Interest (7.1% p.a) on accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01-10-2020 to 31-03-2021 – Revised Tables – Orders – Issued.

GOVERNMENT OF ANDHRA PRADESH ABSTRACT

 

PUBLIC SERVICES – Employees Welfare Scheme Andhra Pradesh State Employees Group Insurance Scheme 1984 Revised Rate of Interest (7.1% p.a) on accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01-10-2020 to 31-03-2021 Revised Tables Orders Issued.

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FINANCE (ADMN-III-DI,DSA) DEPARTMENT

 

G.O.MS.No. 43                                                                              Dated: 25-06-2021.

Read the Following:-

 

 

1.  G.O.MS.No.293, Finance  &  Planning  (Finance.Wing-Accts.II) Department, Dated:08.10.1984

2.  G.O.MS.No.312,Finance.&Plg.(Fin.Wing.Accts.II)Department,Dated:06-11-

1984.

3.  G.O.MS.No.367,Finance.Planning(FW-Admn.II)Department,Dated:15-11-

1994

4.  G.O.MS.No.8, Finance (Admn-III.DI, DSA) Department. Dated:22-02-2021.

5.  G.O.RT.No.3060, Finance (HR-III-Pension,GPF) Dep., Dated:29-12-2020

6.  G.O.RT.No.337, Finance (HR-III-Pension,GPF) Dep., Dated:26-02-2021

****

ORDER:

 

In the reference 1st 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 1st 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.

 

2.        In  the  reference 2nd  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/- andRs.6.875/-respectively.

 

3.        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 3rd Read above, orders were issued for revision of rate of subscription of each unit from Rs.10/- toRs.15/- with effect from 01-11-1994. The apportionment of the subscription of each unitRs.15/- between Insurance Fund and Savings Fund was fixed in the ratio of Rs.4.50/- andRs.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.  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.

 

2.   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.

 

3.  The Director of Insurance, Andhra Pradesh, 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.

 

4.  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.

 

5. 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.

 

6. 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.

 

7.  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.

 

8.    As    per    G.O.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”.


 

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