explain the tabular column of Central Government
Answers
Central Government Employees Group Insurance Scheme: Until retirement, a Central Government employee keeps contributing to the Central Government Employees Group Insurance Scheme (CGEGIS). The CGEGIS 1980 scheme comes with insurance coverage and also serves as a Savings Fund for the employee. Out of the total contribution, a portion of the contribution goes towards the insurance cover while the balance goes into the Savings Fund. The accumulated amount in the Savings Fund is paid to the employee at the time of retirement from service. Each quarter, the government releases a Table of Benefits for Savings Fund, which helps the employee to get an idea about the amount to be received at the time of retirement.
The government has issued the Table of Benefits for the Savings Fund to the beneficiaries under the CGEGIS 1980 for the quarter from July to September, on an interest rate of 7.1 per cent compounded quarterly.
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