Government have introducedA.P.S.E.G.I.Scheme w.e.f. 01-11- 1984 vide G.O.Ms.No.293 Fin. Plg. Dept. Dt. 08-10-1984
All Gazetted, Non-Gazetted and Class-IV employees who are in service as on 1st Nov- 1984, and Who join service on or after 1st Nov-1984. Employees who enter service in the Month other than November, shall be enrolled as member on the next anniversary.
n An employee entering service in a month other than November shall be given the benefit of insurance cover applicable to the group from the date of joining to the date of becoming full member of the scheme.
n Insurance cover is Rs.3/- per month per unit, before 31-10-1994, and
n Insurance cover is Rs.4-50 per month per unit, from 1-11-1994.
RECOVERY OF SUBSCRIPTION
n Recovery shall be made from the salary every month by the D.D.O, for duty, leave, or suspension.
n Recovery shall be made including the month of retirement, death, resignation, removal etc,.
n No interest is levied on arrears of subscription due to delay in payment of salary.
n Subscription with interest will be recovered for E.O.L. period in not more than three installments after resuming duty from leave.
n If on deputation, the borrowing authority shall recover the subscription and remit to relevant head of account.
n No loans or advances shall be paid to any member or other beneficiary of the Scheme from or against his accumulation.
n Head of office shall obtain Nomination from the employee who become eligible for membership of the scheme within 2 months.
n If an employee has no family and nominated a person other than the member of his family, shall become invalid after acquiring a family.
He should make a fresh nomination in favor of any member(s) of his family within 2 months.
n If an employee nominates more than one person, he should specify the amount of share payable to each of the nominees.
n A member may at any time cancel a nomination by sending a fresh nomination to the H.O.
n Where no nomination in favor of a person / persons of his family subsists or, if such nomination relates only to a part of the amount, shall become payable to the members of his family in equal shares.
ENTRIES IN SERVICE BOOK The D.D.O. shall record in the S.R. of every employee :
Saving Fund The total accumulation of saving fund together with the interest thereon will be payable to the Member on his retirement after attaining the age of superannuation or on cessation of his employment, as per Table I, Table II, Table III of Govt. Memo. 1749/B/28/A2/Admn. II/96, Dt. 24-2-96 of Fin. & Plg. Department.
ON DEATH WHILE IN SERVICE:
(a) Insurance Fund:
Lumpsum payment of insurance cover according to the Group of the subscriber i.e., 15,000/-, 30,000/-, 60,000/-, 1,20,000/-
(b) Saving Fund: Total amount of Saving fund accumulation together with interest on par with retired employees.
PAYMENT WHEN WHEREABOUTS NOT KNOWN: Savings Fund to be refunded after expiry of one year following the month of disappearance. Insurance fund to be refunded after expiry of 7 year following the month of disappearance.
The family must lodge complaint in the police station concern and obtain report stating that the employee has not been traced, after all efforts are made.
n Calculation of savings fund and interest thereon as order from time to time (A separate annexure copy of which should invariably be sent to Director of Insurance)
n Total Amount sanctioned under savings fund (Savings fund + Interest thereon)
n Total amount sanctioned under Insurance fund in the event of death of the employee.
n Head of Account for payment of savings fund/ Insurance fund/Interest separately.