Chandigarh: The Punjab government on Thursday increased the rate of interest on Group Insurance Scheme (GIS) of state government employees to 8.6 percent quarterly for the year 2012.

Finance and Planning Minister Parminder Singh Dhindsa said here 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.

Dhindsa said that the new rate of interest would be applicable from December 1, 2011. He said the new interest rate tables have been sent to the departments for further action.

Dhindsa instructed the officers to bring these tables into the notice of department heads and other officers dealing with salaries distribution.

For those employees, who had given option from January 1, 1990 to remain out of higher rate, the table has been prepared keeping in view Rs 10 contribution of employee, out of which 70 percent 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.


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