GIS Revised Rate of Intrest Tables 7.6% Annum from 01-04-2018 to30-06-2018 GO 156

GOVERNMENT OF ANDHRA PRADESH

ABSTRACT

PUBLIC SERVICES – Employees Welfare Scheme – Andhra Pradesh State Employees Group Insurance Scheme – 1984 – Revised Rate of Interest (@7.6% p.a) on Accumulated Savings Fund Communication of Tables of Benefits for Savings Fund for the Period from 01-04-2018 to 30-06-2018 – Revised Tables – Order– Issued

                                                  FINANCE (ADMIN-III) DEPARTMENT

G.O.MS.No. 156                                                                                                        Dated: 28-09-2018

                                                                                                                Read the following:

1) G.O.Ms.No.293, Fin. & Plg (FW-Accts.II) Dept., dated: 08-10-1984
2) G.O.Ms.No.312, Fin. & Plg (FW-Acmn.II) Dept., dated: 06-11-1984
3) G.O.Ms.No.367, Fin. & Plg (FW-Admn.II) Dept., dated: 15-11-1984
4) G.O.Ms.No.111, Finance (Admn.DI&IF) Dep., dated: 11-07-2017
5) G.O.Ms.No.122, Finance (Admn.DI&IF) Dep., dated: 19-07-2017
6) G.O.Ms.No.3, Finance (Admin-III) Dep., dated: 26-01-2018
7) G.O.Ms.No.96, Finance (HR-5-Pension,GPF) Dep., dated: 24-01-2018
8) G.O.Ms.No.51, Finance (Admin-III) Dep., dated: 24-04-2018
9) G.O.Rt.No.1204, Finance (HR-5-Pension,GPF) Dep., Dated: 22-05-2018

GIS Revised Rate of Intrest Tables  7.6% Annum from 01-04-2018 to30-06-2018 GO 156

PUBLICSERVICES– Employees Welfare Scheme Andhra Pradesh State Employees Group Insurance Scheme–1984–Revised Rate of Interest (@7.6%p.a) on Accumulated Savings  Fund Communication of Tables of Benefits for Savings Fund for the Period from 01-04-2018 to  30-06-2018 – Revised Tables – Order–Issued.

1. In the reference 1st read above, orders were issued 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 for the rated prescribed by Government from time to time.
2. In the reference 2nd read above, orders were issued for apportioning the subscription the each unit of Rs 10/- between Insurance fund and Savings fund in the ratio of Rs 3.125 /- and Rs 6.875 /- respectively.
3. In The reference 3rd above orders were issued for revision of rate of subscription each unit from Rs.10/- to Rs.15/- with effect from 01-11-1994. The apportionment of the subscription of each unit Rs.15/- between Insurance Fund and Savings Fund was fixed in the ratio of Rs.4.50/- and Rs.10.50/- respectively with effect from 01- 11-194. The amount of Insurance coverage will be Rs.15, 000/- for each unit of subscription.
4. The Sanctioning Authorities / Drawing and Disbursement Officer / Treasury Officers / District Audit Officers / Pay and Accounts Officers / Director of Works Accounts are requested to keep in view of the appended Table while sanctioning and making the final payments under Group Insurance Scheme for proper implementation of the Scheme. Further, the following instructions shall also

• 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.
• 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.
• The Director of Insurance, Andhra Pradesh, Amaravati, 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.
• 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.

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