Rates of Group Insurance Scheme Hiked by Punjab Govt

The Punjab government has increased the rates of the group insurance scheme (GIS) for government employees by almost four times.

An official spokesperson said in the event of death or retirement, an employee was paid ₹15,000 to ₹1.2 lakh. This has now been increased to ₹60,000 and ₹4.8 lakh. This decision will be executed from January 1, 2023.

Divulging details, the spokesperson said ₹120 per month is deducted from the wage of ‘Group A’ officials, and in case there is retirement or death, ₹1.2 lakh is paid. From January 1, 2023, the deduction will be ₹480 monthly and the payment will be ₹4.8 lakh, he said.

Similarly, for ‘Group B employees, the ₹240 will be deducted monthly against ₹60 and the payment will be ₹2.4 lakh instead of ₹60,000.

For ‘Group C’ employees, ₹120 will be deducted as a GIS contribution and he/she will be paid ₹1.2 lakh in the event of retirement or death.

For ‘Group D’ employees, ₹60 each month will be deducted and the installment will be ₹60,000, the spokesperson added.

Source-

https://www.hindustantimes.com/cities/chandigarh-news/punjab-govt-hikes-rates-of-group-insurance-scheme-101653680202107.html

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