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BRIEFNOTEON
KarnatakaStateEmployeesGroupInsuranceScheme
Schemewasintroducedw.e.f.01.01.1982asperOfficialmemorandum
No.FD/80/SRP(CSC)81,Banagaloredated21stDecember1981.
Schemeiswhollycontributoryandselffinancing
SubscriptionisSTATUTORY,hencewillbedeductedinregularsalarybills.
SchemeisapplicabletoStateGovernmentEmployeesonly(Employees
ofAidedInstitutions,Localbodies,BoardsandCorporationarenot
eligible)Noindividualaccountingsystem.
Subscriptionisalwaysinadvance.
TherearetwofundsundertheScheme;InsuranceFund&SavingsFund.
OutofeveryRs.10subsdcriptionRs.3.125willbecreditedtoInsurance
fundandRs.6.875toSavingsfund.
IncaseofmemberretiringfromGovernmentservice,onlybalanceoutstanding
inthesavingsfundalongwiththeinterestwillbepaid.Nopaymentwillbe
madefromtheInsurancefund.
Apersonwhoisappointedonanydayotherthan1stofJanuarywillsubscribe
onlytotheinsurancefundandwillbecomearegularmember(contributingfor
bothinsuranceandsavingsfund)fromtheIstJanuaryofthenextyear.(i.ede
ductionfromthesalaryforthemonthofDecember)
NOprovisionforloansandadvances.
Employeesundertheschemeareclassifiedinto4groups.A,B,C&D.
Subscriptiontotheschemedependsongrouptowhichthememberbelongsto,
detailsareasunder.
2
2
Groups(inRupees)
Slno. From To
D(unit1) C(unit2) B(unit3) A(unit4)
1 01.01.1982 31.12.1986 10 20 30 40
2 01.01.1987 31.12.1999 20 40 60 80
3 01.01.2000Onwards 60 120 180 240
Rateofinterest:Compoundingquarterly.
InsuranceFund Savings
Sl.no From To
Fund
1 01.01.1982 31.12.1984 5.5% 10%
2 01.01.1985 31.12.1987 5.5% 11%
3 01.01.1988 31.12.1998 5.5% 12%
4 01.01.1999 28.02.2001 4.5% 12%
5 01.03.2001 31.12.2003 3.5% 12%
6 01.01.2004 31.12.2006 3.5% 9%
7 01.01.2007Onwards 3.5% 8%
Headofaccount.
801100107001Insurancefund(payments&Reciepts)
801100107002Savingsfund(payments&Reciepts)
2049031080300240Debtservice(ForbudgetprovisionofInterest)
Fundbalanceason30062012
InsuranceFund :8,178.52Lakhs
SavingsFund :1,445,59.08Lakhs
ClosingBalancewithIntereastTotal:1,52,737.60Lakh
3
PreparationofTables
1.FD/SRP/CSC/81dated21.12.19811.1.1982onwards10%
2.FD/18/SRP/(CSC)84dated1.1.19851.1.1985,,11%
3.FD/3/SRP/8)87dated28.12.19871.1.1988,,12%
4.FD/2/SAVIYO/92dated22.3.931.1.1993,, 12%
5. DE/5/Ai/97 AP 24.1.98 1.1.1998 -,,- 12%
6. DE/3/Ai/99 AP 19.5.2000 1.1.2000 -,,- 12%
7. DE/4/Ai/2004 AP 28.1.2005 1.1.2004 -,,- 9%
8. DE/01/Ai/2007 AP 20.9.2007 1.1.2007 -,,- 8%
9. DE/11/Ai/2011/AP 22.12.2011 1.1.2012 -- 8%