The house amended the Federal Employees Benevolent Fund (FEBF) and the Group Insurance (GI) Act, 1969. The statement of objectives and reasons says the Board of Trustees of the Federal Employees Benevolent Fund and Group Insurance Funds are not in a position to change rate of subscription and grant towards Benevolent Fund to meet the shortfall due to payouts in excess of inflows. The statement adds that the subscription rates needed to be appropriately enhanced to meet the actuarial present value of future liabilities of the Fund.
It was earlier decided that the schedules of contribution and disbursement of grant towards Benevolent Fund being part of Act may be transferred to and be made part of FEBF and GI Rules, 1972.
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