Request to revise the CGEIS calculation considering updated mortality rates, ensuring fairness for Central Government employees: Confederation writes to Finance Secretary, FinMin dated 30.12.2024
CONFEDERATION OF CENTRAL GOVT. EMPLOYEES & WORKERS
1st Floor, North Avenue PO Building, New Delhi – 110001
Ref: Confd. /2024/ CGEIS table/
Dated – 30.12.2024
To,
The Finance Secretary,
Ministry of Finance
Room no 129 A, North Block
New Delhi -110001
Sub: Request to revise the CGEIS calculation – Reg.
Respected Sir,
The Confederation of Central Government Employees and Workers, represents about 7 lakhs Central Government employees, who are working in various Departments of Central Government Departments viz., Postal, Income tax, AG’S, Audit, Survey, Census, GSI, CPWD, CGHS, SREE CHITHRA to which, 130 Associations & Federations are affiliates of Confederation of Central Government employees and Workers.
The Confederation extends its warm Greetings and new year wishes.
The Central Government Employees Group Insurance Scheme (CGEGIS)- 1980 serves the twin objectives of-
a) providing a lump-sum amount to the families in case of an employee’s death.
b) a lump-sum payment to the employee on cessation of employment, both on a wholly contributory and self-finance basis.
Every year two Table of Benefits are issued by the Ministry of Finance on calendar year basis for the savings fund to the beneficiaries under this scheme.
The mortality rate is taken as 3.60 per thousand per annum is taken into the account from the year 1/1/1988 onwards till now. The Institute of Actuaries of India with the approval of IRDA has been reconstructing the mortality tables every eight years i.e. 2004, 2013 & 2021. Hence the mortality rate taken into the account shall be based on the revised mortality rate as per The Institute of Actuaries of India which is at 1.439 per thousand per annum.
The Confederation request your good self to kindly re-examine the table of benefits of CGEGIS in accordance with the mortality rate as issued by the Institute of Actuaries of India which is also under the Finance Ministry and revise the CGEGIS table accordingly.
With regards,
Yours Sincerely,
(S.B. Yadav)
Secretary General
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