GPF Rules: Under the new rule, government employees will now be able to invest only up to Rs 5 lakh in GPF in a financial year. GPF is a scheme similar to PPF,
General Provident Fund Rules If you are a government employee then this information is very important for you because the government has General Provident Fund There has been a big change in the rules of. Under the new rule, now government employees will be able to invest only up to Rs 5 lakh in GPF in a financial year. GPF is a scheme similar to PPF, in which only Government Employee Can only contribute. The Department of Pension and Pensioners’ Welfare (DoPPW) issued an Office Memorandum on October 11, 2022, stating that as per the General Provident Fund (Central Service) Rules 1960, the GPF in respect of a subscriber is less than 6 per cent of the total wages. should not be. That is, there was no upper limit on it then, but now this rule has changed.
As per the General Provident Fund (Central Service) Rules, 1960, till now no upper limit was fixed for putting money in this fund. As per the rules till now, employees could put a percentage of their salary. But when information was given through a government notification on 15 June 2022 that now an amount of more than Rs 5 lakh cannot be added to the GPF account within a financial year.
Explain that like PPF, government employees deposit a fixed part of their salary in it. Government employees have to put a minimum of 6 percent of their salary in this. This money is returned to the account holder at the time of retirement. You also get interest on the money deposited in GPF. At present, the government offers an interest of 7.1 percent to the account holders on GPF. It is managed under the Department of Pensioners Welfare, Ministry of Personnel, Public Grievances and Pensions.
What is GPF?
GPF is also a kind of provident fund (PF) account, which is not available to all employees. Actually, only government employees get the benefit of GPF. For this, government employees have to contribute a certain part of their salary to GPF. It is mandatory for government employees to contribute in this. After this, the total amount deposited by the employee in the GPF contribution during the employment period is paid at the time of retirement of the employee. Let us tell you that the government does not contribute to GPF, only the employee’s contribution is there. Not only this, the Finance Ministry changes the interest rate of GPF every quarter.
English News Headline : Government employees will not be able to invest more than 5 lakh in GPF