Punjab increases rates of group insurance scheme for govt employees
The amount to be over four times from January 2023
Chandigarh, May 27, 2022: The Punjab Government has increased the rates of Group Insurance Scheme (GIS) to almost four times for government employees. Punjab Finance Minister Harpal Singh Cheema has given his assent in this regard to brighten the future of Punjab Government employees and their family members.
Disclosing this here today, an official spokesperson said that in case of death or retirement of an employee, he/she was paid Rs. 15,000 to Rs. 1.20 lakh which has now been increased from Rs. 60,000 to Rs. 4.80 lakh. This decision will be effective from January 1, 2023.
Divulging details, he said that at present Rs.120 / - per month is deducted from the salary of Group A officers in the form of GIS and in case of retirement or death of the officer Rs.1.20 lakh is paid. From January 1, 2023, the deduction will be Rs 480 per month and the payment will be Rs 4.80 lakh.
Similarly, for Group B employees the rate is Rs.60 and payment is Rs.60,000. It will now be increased to Rs 240 per month and the payment will be Rs 2.40 lakh.
The rate for Group C employees is Rs 30 and the payment is Rs 30,000. It will now be increased to Rs 120 per month and the payment will be Rs 1.20 lakh.
For Group D employees, the rate is Rs. 15 and the payment is Rs. 15,000. It will now be increased to Rs 60 per month and the payment will be Rs 60,000.
The spokesperson further said that the rates of Group Insurance Scheme had not been revised since 1990 and now this decision has been taken due to increase in salaries of employees after the implementation of Pay Commission. It may also be mentioned that the deduction and payment of group insurance plan will be effective from January 1, 2023.