7th Pay Commission: Modi government released CGEGIS table for central employees, know how much benefit you will get

In the midst of the Corona crisis, the Modi government on Friday released the Benefit Table of Central Government Employee Group Insurance Scheme (CGEGIS) for central employees. Till retirement, a central government employee continues to contribute to the CGEGIS. The CGEGIS 1980 plan comes with insurance coverage and also acts as a savings fund for the employee.

Out of the total contribution, a portion of the contribution goes towards insurance cover while the remaining part goes to the saving fund. CGEGIS aims to help their families in the event of death on the job.

The amount accumulated in the savings fund is paid to the employee at the time of retirement. Every quarter, the government issues tables for CGEGIS, which reflect the amount an employee receives at the time of retirement.

Through this table, the employees who retire get to know how much amount they will get on retirement. The government has released a new table for savings fund for beneficiaries under CGEGIS 1980 for the quarter of July to September at a compound interest rate of 7.1 per cent compounded quarter.

Table-I: See table issued for subscription of Rs.10 between 1.1.1982 to 31.12.1989 and for subscription of Rs.15 since 1.1.1990:

Table-II: For employees who opted for the revised rate of membership from 1.1.1990 on a subscription of Rs 10 per month

Since the Corona transition in the country, the government has taken many major decisions on dearness allowance (DA), pension, holidays etc. These decisions of the government are impacting the existing employees as well as retired employees. The government had imposed a nationwide lockdown in the early days of the outbreak of the Corona infection. After this, the government took the first decision regarding dearness allowance.