Rate of interest on group insurance scheme to 8.6%

by Punjabnewswire4u (Balbir)

CHANDIGARH, JULY 5:

The Punjab Government has increased the rate of interest on Group Insurance Scheme (GIS) of government employees of the state to 8.6 per cent quarterly for the year 2012.

Finance and Planning Minister, Mr. Parminder Singh Dhindsa today said that all the Departmental Heads, Commissioners of Divisions, Deputy Commissioners, Sub Divisional Officer and Registrar, Punjab and Haryana High Court have been asked to do the needful in this regard. Mr. Dhindsa said that the new rate of interest would be applicable from 1^st December, 2011. He said that the new interest rate tables have been sent to the departments for further action. Mr. Dhindsa instructed the officers to bring these tables into the notice of department heads and other officers dealing with salaries distribution.

Mr. Dhindsa said that for those employees, who had given option from 1st January, 1990 to remain out of higher rate, the table has been prepared keeping in view Rs.10 contribution of employee out of which 70 per cent had gone into savings and 30 per cent to cover the risk.

The Minister said that the tables have been circulated for the benefit of all employees as a move to bring transparency in the working of Finance Department.