General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Amendment Scheme, 2024

General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Amendment Scheme, 2024

MINISTRY OF FINANCE
(Department of Financial Services)

NOTIFICATION

New Delhi, the 6th December, 2024

S.O. 5257(E).—In exercise of the powers conferred by section 17A of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), the Central Government hereby frames the following Scheme further to amend the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Scheme, 1975, namely: –

1. (1) This Scheme may be called the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Amendment Scheme, 2024.

(2) This Scheme shall be deemed to have come into force on the 21st day of December, 2023.

2. In the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Scheme, 1975 (hereinafter referred to as the said Scheme), in paragraph 3, after clause (f), the following clause shall be inserted, namely:—

“(fa) “Executive Director” means Executive Director of the Corporation or the Company, as the case may be;”;

3. In the said Scheme, after paragraph 4, the following paragraph shall be inserted, namely:—

“4A. Pay and allowances of the Executive Director.— The pay and allowances of the Executive Director shall be as specified in the Seventeenth Schedule.”.

4. In the said Scheme, after the Sixteenth Schedule, the following Schedule shall be inserted, namely: —

‘SEVENTEENTH SCHEDULE
[See paragraph 4A]

Executive Director

1. The pay scales for the Executive Director shall be as specified in the Table below:—

TABLE

2. Increments in pay.— The increments in pay shall be as specified in column (2), against the respective stages mentioned in column (1), of the Table given in paragraph 1.

3. Date of next increment.— (1) The Executive Director shall be entitled to one annual increment either on the 1st day of January or the 1st day of July depending on the date of his appointment provided under sub-paragraph (2).

(2) The increment in respect of the Executive Director appointed during the period between the 2nd day of January and the 1st day of July (both inclusive) shall be granted on the 1st day of January and the increment in respect of Executive Director appointed during the period between the 2nd day of July and the 1st day of January (both inclusive) shall be granted on the 1st day of July.

Illustrations

(a) In case of Executive Director appointed during the period between the 2nd day of July, 2023 and the 1st day of January, 2024, the first increment shall accrue on the 1st day of July, 2024 and thereafter it shall accrue after one year on annual basis.

(b) In case of Executive Director appointed during the period between 2nd day of January, 2024 and 1st day of July, 2024, who did not draw any increment on 1st day of July, 2024, the next increment shall accrue on 1st day of January, 2025 and thereafter it shall accrue after one year on annual basis.

4. Dearness Allowance.— (1) The Dearness Allowance payable to Executive Director shall be as declared by the Central Government for Central Government Employees.

(2) Notwithstanding anything contained in sub-paragraph (1), the Central Government may, by order, vary the rate of Dearness Allowance from time to time.

5. House Rent Allowance.—(1)The Executive Director who has not been provided with a rent free residential accommodation shall be paid House Rent Allowance per month at the rate of twenty-four per cent. of basic pay in a city classified as “X” by the Central Government.

Provided that the rate of House Rent Allowance will be revised to twenty-seven per cent. of basic pay when Dearness Allowance crosses twenty-five per cent. and further revised to thirty per cent. of basic pay when Dearness Allowance crosses fifty per cent.

6. Transport Allowance.— The Executive Director, who is otherwise entitled to the use of official car for travel between residence and office, shall have an option to draw transport allowance at the rate of Rs. 15,750/- per month plus Dearness Allowance thereon provided he does not make use of official car for travel between residence and office.

7. Children Education Allowance.—(1) The reimbursement of Children Education Allowance to the Executive Director shall be up to the maximum of Rs. 2,250/- per child, per month, subject to the maximum of two children and in case the child is residing in Hostel, Hostel Subsidy shall be reimbursed up to the maximum of Rs. 6,750/- per child, per month and the Children Education Allowance and the Hostel Subsidy cannot be availed concurrently.

(2) The Children Education Allowance or the Hostel Subsidy can be availed for two eldest surviving children.

(3) The Children Education Allowance limits shall be automatically raised by twenty-five per cent. every time the Dearness Allowance goes up by fifty per cent.

(4) If spouse of the Executive Director is a Government servant, only one of them can avail reimbursement under Children Education Allowance or Hostel Subsidy.

(5) The reimbursement of Children Education Allowance for differently abled children shall be payable at double the normal rates prescribed, subject to an annual ceiling of Rs. 54,000/-.

8. Other Allowances not specifically included in this Schedule.— The payment of other allowances to the Executive Director, not specifically provided in this Schedule, shall be made as admissible in the case of Officers in Senior Administrative Grade provided under the Central Civil Services (Revised Pay) Rules, 2016.’.

[F. No. A- 11011/06/2023-Ins.I]
PARSHANT KUMAR GOYAL, Jt. Secy.

Note: The General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Scheme, 1975 was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (ii), vide notification number S.O.521 (E), dated the 17th September, 1975, and was last amended vide notification number S.O. 4896 (E), dated the 14th October, 2022.

EXPLANATORY MEMORANDUM

The Central Government has accorded approval to pay structure in respect of the Executive Director of the Corporation and the Executive Directors of the Companies with effect from the 21st December, 2023. Accordingly, the General Insurance (Rationalisation of Pay Scales and other Conditions of Service of Officers) Scheme, 1975 is being amended with effect from the 21st December, 2023. It is certified that no Executive Director of the Corporation or Executive Director of the Company is likely to be affected adversely by the notification being given retrospective effect.

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