Welfare Fund Manual-2012 - Central Industrial Security Force

THE BACKGROUND
RISK-CUM-SAVING FUND SCHEME
The CISF Central Welfare Risk Premia Fund Scheme introduced w.e.f. 0I-06-1986
and revised w.e.f. 1-9-89 was meant for providing financial assistance to the families of
personnel who die while in service and to those who are medically boarded out of service
on account of invalidation. There was also a provision for refund of the amount of
subscriptions with the prescribed percentage of bonus to the personnel retiring from
service or leaving the Force on some other grounds. In order to provide relief to the
personnel leaving Force on retirement, the Risk Premia Fund Scheme was modified to
Risk Premia cum Medical Assistance cum saving scheme 1997 (RMS 1997) which
provided monthly pension for life after payment of subscription over 20 years. As the
experience of around five years showed that the scheme 1997 (RMS 1997) was not
viable, a decision to revise the said scheme i.e. "CISF Risk-premia-cum-
Medical Assistance-cum-saving scheme 1997" was examined by the
Governing Body of Welfare Funds held on April 24, 2002 and the core committee of
CWF has approved the Risk Premia-cum Saving Scheme 2002 wef. 01.08.2002.
The annual meeting of the Governing Body of Welfare Funds was held on
24-Apr-2002. The Governing body examined the sustainability of the scheme "CISF
Risk-premia-cum-Medical Assistance-cum-saving scheme 1997". With this purpose,
the Governing Body also examined the inflow and outflow of the RMS Fund in depth, and
found that the outflow is much higher than the inflow. Also, the scheme will not be able to
sustain this trend and will collapse, if allowed to run in its present form. In sequel the core
committee of CWF approved the Risk Premia -Cum -saving fund scheme-2002 w.e.f.
01.08.02.
The rules have therefore been amended as under:-
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