New Delhi, April 25, 2012(PIB): The tables of Benefits for the savings fund of the Scheme based on a subscription of Rs. 10 per month from 1.1.1982 to 31.12.1989 and 15 per month w.e.f. 1.1.1990 onwards have been prepared for the year 2012 by the Department of Expenditure,Ministry of Finance and the copy of the table is placed below.
Another Table of Benefits for the savings fund based on a subscription of Rs. 10 per month for those employees who had opted out of the revised rates of subscription w.e.f. 1.1.1990 have also been drawn up for the year 2012 by the Department of Expenditure,Ministry of Finance and the copy of the tableis placed below.
. The amounts in the Tables have been worked out on the basis of interest @ 10% per annum (compounded quarterly) for the period from 1.1.1982 to 31.12.1982, 11% per annum (compounded quarterly) w.e.f. 1.1.1983 to 31.12.1986, 12 % per annum (compounded quarterly) w.e.f. 1.1.1987 to 31.12.2000, 11% per annum (compoundedquarterly) w.e.f. 1.1.2001 to 31.12.2001, 9.5% per annum (compounded quarterly) w.e.f. 1.1.2002 to 31.12.2002 and 9.0% per annum (compounded quarterly) w.e.f. 1.1.2003 to 31.12.2003 and 8% per annum (compounded quarterly) w.e.f. 1.1.2004 onwards.
The mortality rate under the Scheme has been taken as 3.75 per thousand per annum upto 31.12.1987 and 3.60 per thousand per annum thereafter in boththe cases. While calculating the amount it has been assumed that the subscription has been recovered or will be recovered from the salary of the month in which a member ceases to be in service failing which it should bededucted from accumulated amounts payable.
source :tkbsen
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