- (PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)F.NO. 5(1)-B(PD)/2018Government of IndiaMinistry of FinanceDepartment of Economic Affairs(Budget Division)New Delhi, the 03 January, 2019RESOLUTIONIt is announced for general information that during the year 2018-2019, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8% (Eight percent) w.e.f. 1st January, 2019 to 31st March, 2019. This rate will be in force w.e.f.1st January, 2019. The funds concerned are:
- The General Provident Fund (Central Services).
- The Contributory Provident Fund (India).
- The All India Services Provident Fund.
- The State Railway Provident Fund.
- The General Provident Fund (Defence Services).
- The Indian Ordnance Department Provident Fund.
- The Indian Ordnance Factories Workmen’s Provident Fund.
- The Indian Naval Dockyard Workmen’s Provident Fund.
- The Defence Services Officers Provident Fund.
- The Armed Forces Personnel Provident Fund.
2. Ordered that the Resolution be published in Gazette of India.Sd/-(Akhilesh Kumar Mishra)Director (Budget)
Showing posts with label GPF. Show all posts
Showing posts with label GPF. Show all posts
GPF and similar funds Interest Rate - 8% (Eight percent) w.e.f. 1st January, 2019 to 31st March, 2019
General Provident Fund and other similar funds - interest @ 7.6% w.ef. 1st July, 2018: Resolution Read more: http://www.staffnews.in/2018/07/general-provident-fund-and-other.html#ixzz5M3QecDVk Under Creative Commons License: Attribution Share Alike Follow us: @StaffNews_In on Twitter | cgenews on Facebook
(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F. NO. 5(1)-B(PD)/2018
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)
New Delhi, the 17th July, 2018
RESOLUTION
It is announced for general information that during the year 2018-2019, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.6% (Seven point six percent) w.e.f 1st July, 2018 to 30th September, 2018 . This rate will be in force w.e.f. 1st July, 2018. The funds concerned are :
1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.
2. Ordered that the Resolution be published in Gazette of India.
(Anjana Vashishtha)
Deputy Secretary (Budget)
GPF interest rate wef 1st October, 2017 to 31st December, 2017
The Government of India has announced that during the Financial Year 2017-18, accumulations at the credit of subscribers to the General Provident Fund (GPF) and other similar funds shall carry interest at the rate of 7.8% (Seven point eight per cent) with effect from 1st October, 2017 to 31st December, 2017. This rate will be in force w.e.f. 1st October, 2017.
The Notification to this effect has been issued and published in the Gazette of India on 23rd October, 2017.
100% Aadhaar linking of GPF, PPF & EPF by Dec, 2017 and using Aadhaar for portability: Decision of Cabinet Secretariat Meeting
No. D-11011/36/2016- DBT (Cab.)
Govt. of India
Cabinet Secretariat
DBT Mission
Subject: Aadhaar linking and interoperability of General Provident Fund (GPF), Public Provident Fund (PPF) and Employees’ Provident Fund (EFF) accounts regarding.
A meeting was held under the chairmanship of Joint Secretary, DBT Mission, Cabinet Secretariat on 25th August, 2017 at 11:00 A.M in the Conference Hall, 4th floor, Shjvaji Stadium Annexe Building, Rajiv Chowk, New Delhi on the subject mentioned above. The list of participants isplaced at Annexure I.
2. Joint Secretary, DBT Mission welcomed the participants and stated that the objective of the meeting is to deliberate on Aadhaar linking of GPF, PPF and EPF accounts of employees, examine the possibility of a centralised repository of employees" fund details with Aadhaar as the primary identifier and establishing portability of fund accounts across organisations. He requested all stakeholders to share comments and suggestions in this regard.
3. Deputy CGA, Govt. Banking Arrangements, D/o Expenditure informed that an on-line salary application system, Employee Information System (EIS) is being developed within PF MS for implementation in all Drawing and Disbursing Offices (DDOS) and Pay Accounts Offices (PAOS) of Central Ministries. EIS is envisaged to be a central repository of details of all salaried employees, and it can also maintain details of GPF of government employees. He fiirther stated that at present, Aadhaar number is not a mandatory field in employee information records, due to which Aadhaar seeding may be low. it was discussed that if the employee data on E13 are linked with Aad’naar, it may serve the purpose of establishing interoperability of salary and GPF accounts across DDOs. It was highlighted that Railways and Defence departments are not covered under £18. An example of e-Samarth was cited, which is a centralised database of CRPP (Central Reserve Police Force) in MHA, which may be studied for this purpose. Dy CGA also mentioned that M/o Railways and Defence may also be consulted in this context.
4. Senior Audit Officer, Office of Comptroller & Auditor General (CAG) of India, Delhi stated that at present, State AG (Auditor General) offices assign new GPF numbers to employees while moving across different FAQs and there is no centralized mapping system with Aadhaar as the primary identifier. JS. DBT Mission requested that the matter may be taken up with the Office of C&AG, with the concerned Dy C&AG to examine the possibility of mapping all State GPF subscribers across the country. It was suggested that the role of a third party such as NSDL to create and maintain this database may also be examined.
5. Assistant Director, D/o Posts stated that that presently, around 25 lakh PPF accounts out of 27.2 lakh accounts are on Core Banking Solution (CBS) network and these accounts are portable across Post Offices. It was informed that every PPF account is associated with a PPF number and a Customer Identification Form (CIF) number, which is a unique number that holds all personal as well as account related information of the customer. ideally, a customer can have one CIF number in one post office. though the customer can have multiple accounts under these numbers. It was further informed that Aadhaar linking with individual accounts and CIF numbers is being undertaken and 4.7 crore ClFs out of total 56 crore CIFs (which also include savings certificates, term deposit accounts, etc) have been seeded with Aadhaar. JS, DBT pointed out that Aadhaar seeding is very low in this case, and the Department may undertake necessary actions to expedite the same to achieve 100% seeding by December 31, 2017. It was further suggested that all PPF accounts and CIF numbers may be linked with Aadhaar and the Department may share its suggestions on establishing a common repository of all PPF accounts using Aadhaar as the identifier.
6. Deputy Director, M/o Labour & Employment stated the Universal Account Number (UAN) provides portability for the employees covered under EPF. It was informed that 14 crore out of 4 crore active subscribers’ records have been seeded with Aadhaar. It was discussed that this will enable portability of EPF accounts when the details of Bank Account, Aadhaar and PAN are seeded in UAN database of the employees and are verified by employer on change of job. It was suggested that Aadhaar seeding of all may be taken up priority.
7. Deputy Secretary, Budget, D/o Economic Affairs stated that a host of small saving schemes including PPF are Operated by post offices, public sector banks and select private secror banks and Aadhaar seeding is being undertaken in all these accounts. JS, DBT Mission enquired if the. Department is taking any initiative to have a centralised platform for all savings schemes, given that all banks use different systems and Operate in silos. It was discussed that the Department may examine the matter and share updates in this regard.
8. After detailed deliberations, the following were agreed upon.
i. All stakeholder Departments to ensure 100% Aadhaar seeding of GPF, PPF and EPF accounts by December 31, 2017.
ii. All Departments to examine the possibility of developing common platforms for their respective service subscribers/employees/account holders using Aadhaar as the unique identifier to ensure portability across the financial system.
iii. DBT Mission to hold a review meeting with senior officers of all stakeholder Departments in the second week of September. 2017 to discuss the issue further.
Annexure-I
List of Participants
1. Shri Peeyush Kumar, Joint Secretary, DBT Mission, Cabinet Secretariat-in Chair
2. Shri Amn Shanna, Director, DBT Mission, Cabinet Secretariat
3. Shri Neeraj Kumar Sharma, Deputy CGA, Govt. Banking Arrangements. D/o Expenditure
4. Ms. AnjanaVashishtha, Deputy Secretary, D/o Economic Affairs
5. Shri Dinesh Dharni, Deputy Director, M/o Labour & Employment
6. Shri Vijay Kumar Kanojia, Senior Audit Officer, Office of Comptroller & Auditor General of India
7. Dr.Ajinkya Kale, Assistant Director General, D/o Posts
8. Ms Disha Pannu, Assistant Director General, D/o Posts
9. Ms.Tulsipriya Rajkumari, Assistant Director, DBT Mission, Cabinet Secretariat
10. Ms. Jaya Kurnari, Assistant Audit Officer, Office of Comptroller & Auditor General of India
11. Shri Kamlesh, Assistant Audit Officer, Office of Comptroller & Auditor General of India
****
No. D-11011/36/2016-DBT (Cab.)
Government of India
Cabinet Secretariat
DBT Mission
4th Floor, Shivaji Stadium Annexe
Rajiv Chowk, New Delhi- 110001
Dated: 29th August, 2017
Subject: Aadhaar linking and interoperability of General Provident Fund (GPF), Public Provident Fund (PPF) and Employees’ Provident Fund (EPF) accounts-regarding.
The undersigned is directed to forward herewith a copy of record of discussion of the meeting held under the chairmanship of Joint Secretary, DBT Mission, Cabinet Secretariat on 25.08.2017 at 11.00 AM on the subject mentioned above for information and further necessary action, please.
Sd/-
(Tulsipriya Rajkumari)
Assistant Director
DBT Mission
*****
Employees' Provident Fund Organisation
(Ministry of Labour, Govt. of India)
Head Office
Bhavishya Nidhi Bhawan, 14- Bhikaiji Cama Place, New Delhi - 110066
(CENTRAL ANALYSIS & INTELLIGENCE UNIT)
No.CAIU/011(44)2016/Aadhar/10273
Date: 22.09.2017
To
All ACCs (Zones) including ACC (ASD),
All RPFC-I/ RPFC 11 (Regional Offices),
Sub:- Aadhaar linking and interoperability of General Provident Fund (GPF), Public Provident Fund (PPF) and Employees’ Provident Fund (EPF) -regarding.
Sir,
Please find enclosed herewith a letter No.D-11011/36/2016-DBT (Cab.) dated 29.08.2017 received from Assistant Director, Cabinet Secretariat, DBT Mission forwarding therewith record of discussions of the meeting held under the Chairmanship of Joint Secretary, DBT Mission on 25.08.2017, wherein it has been directed that all the Departments should ensure 100% of Aadhaar seeding by December 31,2017.
2. It is requested to implement the instructions issued by the Cabinet Secretariat, DBT Mission, New Delhi for seeding of Aadhaar by December 31, 2017.
[This issues with the approval of ACC-II (CAIU)].
Yours faithfully,
Encl: As above
(A.K. Mandal)
Regional P. F. Commissioner-I(CAIU)
Officers to face action for delay in GPF payments to retiring employees
Officers to face action for delay in GPF payments to retiring employees
New Delhi: Action will be taken against the officers concerned in cases of delay in processing payment of General Provident Fund (GPF) to retiring employees, the Centre has said.
The move comes after it was noticed that GPF final payment in many cases was not being made to the government servants immediately after retirement leading to payment of interest for the period delayed.
In an order, the Ministry of Personnel said in order to ensure timely final payment of GPF and to avoid unnecessary financial burden on account of interest, it has now been decided that every case, in which payment of interest on General Provident Fund becomes necessary beyond the date of retirement, shall be put up for consideration to the Secretary of the administrative ministry.
"In all such cases the Secretary of the administrative ministry or department will fix responsibility at all levels to take appropriate action against the government servant or servants who are found responsible for the delay in the payment of General Provident Fund," it said in the directive to all central government departments.
Senior Personnel Ministry officials also said there have been a few instances in which there were complaint of delay in giving final amount of GPF to the retiring employees.
Rules clearly provide that when the amount standing at the credit of a subscriber in the General Provident Fund becomes payable, it shall be the duty of the Accounts Officer to make the payment.
The authority for the amount payable is to be issued at least a month before the date of superannuation, but payable on the date of superannuation, the rules say.
The Centre had in 1996 dispensed with the requirement of submitting a written application by the retiring government servant for GPF final payment.
As per the rules, in case the GPF balance is not paid on retirement, interest on the GPF balance is required to be paid for the period beyond the date of retirement also.
Source : PTI
General Provident Fund Interest Rate 8.7% for 2015-16
General Provident Fund Interest Rate 8.7% for 2015-16
Government Decides to Fix Interest Rates at 8.7% for General Provident Fund(GPF) and other Similar Funds Including Special Deposit Scheme, 1975(SDS,1975) for Non-Government Provident, Superannuation and Gratuity Funds for the Financial Year 2015-16.
It was decided by the Government to link the interest rates of State PFs (General Provident Fund and other similar funds) including Special Deposit Scheme, 1975 (SDS, 1975) for Non-Government Provident, Superannuation and Gratuity Funds for the FY 2015-16 to Public Provident Fund (PPF) rates. In pursuance of that decision, the Government has decided to fix the rates 8.7% per annum applicable to the following:-
· The General Provident Fund (Central Services).
· The Contributory Provident Fund (India).
· The All India Service Provident Fund.
· The State Railway Provident Fund.
· The General Provident Fund (Defence Services).
· The Indian Ordnance Provident Fund.
· The Indian Ordnance Factories Workmen’s Provident Fund.
· The Indian Naval Dockyard Workmen’s Provident Fund.
· The Defence Services Officers Provident Fund.
· The Armed Forces Personnel Provident Fund.
The rate of interest is applicable to the above funds w.e.f. 1st April, 2015 and until further orders.
Recently, the Government had kept the interest rates for PPF and other Small Savings Schemes intact. However, interest rates for 5 year Senior citizen Saving Scheme and Sukanya Samriddhi Account Scheme have been increased from 9.2 to 9.3% and 9.1 to 9.2% respectively, keeping in view the commitment of the Government towards the welfare of the girl child and the senior citizens.
GPF interest rate for 2012-13.
The Government of India has
announced the interest rate of 8.8% on deposits in GPF w.e.f. 01/04/2012.
Interest Rate for GPF for the period year 2011-2012.
Resolution - accumulations at the credit of subscribers to the GPF and other similar funds - 2011-2012(89 KB) (Dated 19th March, 2012)
(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F.NO. 5(1)-B(PD)/2011
Government of India
Ministry of Finance
(Department of Economic Affairs)
New Delhi, the 19th March, 2012
RESOLUTION
It is announced for general information that during the year 2011-2012, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8% (Eight per cent) for the period from 1.4.2011 to 30.11.2011 and 8.6% (eight point six percent) with effect from 1.12.2011.
The funds concerned are:—
1. The General Provident Fund (Central Services).
2. The Contributory Provident Fund (India).
3. The All India Services Provident Fund.
4. The State Railway Provident Fund.
5. The General Provident Fund (Defence Services).
6. The Indian Ordnance Department Provident Fund.
7. The Indian Ordnance Factories Workmen’s Provident Fund.
8. The Indian Naval Dockyard Workmen’s Provident Fund.
9. The Defence Services Officers Provident Fund.
10. The Armed Forces Personnel Provident Fund.
2. Ordered that the Resolution be published in Gazette of India.
sd/-
(Brajendra Navnit)
(Brajendra Navnit)
Deputy Secretary (Budget)
Source: www.finmin.nic.in
The Central Government has declared to reduce the rate of interest on EPF
The Central Government has declared to reduce the rate of interest on deposits in the Employees Provident Fund to 8.25 per cent for 2011-12. This is the first time to reduce the single largest rate cut in over a decade.
Hike in GPF Interest - Parliament Panel Recommends
At last the long pending plea of Government Employees has been taken up by a Parliamentary Panel headed by Mr.Yashwant Sinha, Former Finance Minister and recommended to Central Government.
"The rate of interest on General Provident Fund (GPF) which is pegged at 8% may be reviewed so that government employees are not put to any disadvantage more so now when the interest rates for bank deposits has also been raised," the Standing Committee on Finance suggested in its report.
The panel pointed out that retirement fund body Employees Provident Fund Organization has also increased rate of interest on PF deposits to 9.5% for 2010-11 from 8%.
The EPFO had been paying 8.5% interest on PF deposits since 2005-06. In September last year, it had recommended an increase in interest rate to 9.5% for 2010-11 after discovering Rs 1,731 crore surplus in their books of accounts.
If the suggestion of the panel finds favour from the government, over 50 lakh Centre's employees will stand to benefit.
In the present scenario, the bank rates are also increasing. Reserve Bank of India has increased its short term lending and borrowing rates by half a percentage point to 8 and 7%, respectively in its recent quarterly review unveiled on July 26.
Source: The Business Standard & Gconnect.
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