GISS is a plan where initially employees contribute Rs. 8/- every month. It was introduced in 1978 and revised in 1983 and 1987. The amount contributed is split into two heads, and the Government also contributes to one of them. In case of death or exit from service, the employee is eligible to receive the contribution and interest from the deposit administration plan or the total contributed amount, whichever is higher. There are some formalities to be completed, such as filling out forms and making a schedule of recovery. GISS 83 and GISS 87 have some differences in contribution, the waiting period for the option, and units of subscription. There is no provision for loans or advance, and the subscription is exempt from income tax. In case of deputation, the recovery clause must be mentioned. Tables of benefits issued by the Government should be used to determine entitlements.
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GISS (Synoptic note)
GISS:
- GISS was first introduced w.e.f. 1.4.1978 vide F.D Memo No.4826-F, dt. 21.4.78, but GISS Rules, 1979 was framed vide Memo. No. 5381-F dt. 6.6.1979. Contribution of GISS at the uniform rate of Rs. 8/- per month per employee was adjusted by L.I.C. under two heads: (i) Risk Plan of GISS — Rs. 3.05 & (ii) Deposit Administration Plan of GISS — Rs. 4.95. Government had to contribute under Risk Plan of GISS — Rs.1.65.
Benefit of GISS:
- In case of death — Rs.12,000/- + Contribution in Deposit Administration Plan with compound interest @ 6% p.a.
- In the case of exit from Service — the amount standing at the Credit in D.A.P. together with 6% compound interest per annum on it.
- But in no case the amount shall be less than total contribution @ Rs.8/- p.m.
Formalities of GISS:
- Schedule of Recovery (Annex. I),
- Claims Form (Annex II),
- Formalities in between Govt. of W.B. & L.I.C. (Annex -III),
- Nomination Form (Annex IV-A, B, C).
GISS 1983:
- GISS, 1983 came into force w.e.f. 1.4.83 vide F.D. Memo no.2811(350) dt. 10.3.1983. Contribution and benefits are the same as of GISS, 1979 as it replaced the old scheme and contribution made by a member of old scheme was carried over to new scheme. The introduction of GISS, 1983 was necessitated due to taken over from L.I.C. to Govt. of W.B.
Special features of GISS 1983:
- Date of entry into scheme be entered into S.B. and copy of nomination be pasted in the S.B.
- No Loans / Advances against accumulation in the scheme.
- Subscription to the Scheme will form part of deduction allowable in case of I.T. i.e. exemption from I.T.
- Recovery of subscription will not be stopped under any circumstances during the entire service period.
GISS 1987:
- New GISS 1987 was Introduced w.e.f. l.11.1987 vide FD Memo no.825-F dt. -31.1.87 on wholly contributory and self-financing basis. At the same time, the scheme is compulsory for entrants on or after 1.11.87 but optional for those who were in service before 1.11.87 i.e. they may opt. for 1983 or 1987 scheme. The option form shall be pasted in the S.B.
Special features of GISS 1987:
- Option period from 31.1.87 to 30.4.87 and waiting period 1.5.87 to 31.10.87.
- Subscription for the scheme be on a graded basis and in units of Rs.10/-.
- Gr. D – 1 unit (Rs.10/-), Gr. C – 2 units (Rs.20/-), Gr. B – 4 units (Rs.40/-) & Gr. A – 8 units (Rs.80/-).
- For promotion / appointment from one group to another, subscription be raised to appropriate level w.e.f. the next anniversary of the scheme.
|
Apportionment in between |
Insurance Fund |
Saving Fund |
Insurance cover. |
|
A – 80 |
25 |
55 |
80000 |
|
B Â 40 |
12.50 |
27.50 |
40000 |
|
C – 20 |
6.25 |
13.75 |
20000 |
|
D – 10 |
3.125 |
6.875 |
10000 |
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- In case of deputation, the recovery clause must be entered in deputation terms.
Some important Forms of GISS:
- Form 1 (option),
- Form 2 (Application by employee for final payment)
- Form 3 (Intimation by employer to the nominee / legal heir for subscription)
- Form 4 (To be used by nominee),
- Form 5 (Nomination by employee without any family),
- Form 6 (when there is family.),
- Forna 7 (Register of Members).
Note: Tables of Benefits under GISS 83 & GISS 87 issued by Govt. from time to time to be used for Calculation of entitlements.
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