Interest on GPF Archives - CENTRAL GOVERNMENT EMPLOYEES NEWS

GPF and similar funds Interest Rate – 8% (Eight percent) w.e.f. 1st January, 2019 to 31st March, 2019

admin — Sun, 27 Jan 2019 13:42:13 +0000

GPF Interest 8% from 1.1.2019 to 31.3.2019
GPF and similar funds Interest Rate – 8% (Eight percent) w.e.f. 1st January, 2019 to 31st March, 2019

(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 03 January, 2019

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 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)

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General Provident Fund (GPF) Interest Rate from January 2018 to March 2018

admin — Wed, 03 Jan 2018 15:40:38 +0000

GPF Interest Rate from Jan 2018 to Mar 2018 – Department of Economic Affairs (DEA) Orders

General Provident Fund (GPF) Interest Rate from January 2018 to March 2018

Resolution – accumulations at the credit of subscribers to the GPF and other similar funds – 2017, w.e.f. 1st January, 2018 to 31st March, 2018

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)

F.NO. 5(1)-B(PD)/2017
Government of India
Ministry of Finance
Department of Economic Affairs
(Budget Division)

New Delhi, the 1st January, 2018

RESOLUTION

It is announced for general information that during the year 2017-2018, 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 per cent) w.e.f. 1st January, 2018 to 31st March, 2018. This rate will be in force w.e.f.1st January, 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.

sd/-
(Anjana Vashishtha)
Deputy Secretary (Budget)

Source: www.dea.gov.in

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PF(Provident Fund) Interest Rate 8.75%

admin — Thu, 28 Aug 2014 02:20:22 +0000

Provident Fund Interest Rate 8.75% for 2014-15

EPFO retains interest rate at 8.75% for current fiscal

NEW DELHI: Retirement fund body EPFO’s trustees on Tuesday decided to retain interest payment on provident fund deposits for 2014-15 at 8.75 per cent.

“It has been decided to pay 8.75 per cent interest in the current fiscal,” Central Provident Fund Commissioner (CPFC) K K Jalan told PTI after the meeting of the Central Board of Trustees (CBT), the apex decision making body of the Employees’ Provident Fund Organization (EPFO).

The EPFO has about 5 crore subscribers and the decision will have a bearing on their retirement fund.The decision to retain the interest rate on the provident fund deposits at last year’s level was taken despite some protest by the trade union members of the CBT, sources said.

The final notification for payment of the interest rate for the current fiscal will be issued by the finance ministry later.

The EPFO had provided 8.75 per cent rate of interest on PF deposits for 2013-14, which was higher than 8.5 per cent paid for the previous fiscal.

Source: Times of India

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EPFO to decide PF interest rate on January 14

admin — Tue, 24 Dec 2013 02:47:20 +0000

EPFO to decide PF interest rate on January 14

Retirement fund body Employees’ Provident Fund Organisation (EPFO) will announce the interest rate on provident fund (PF) deposits for the current financial year on January 14 and may offer its over 5 crore subscribers a little more than 8.5 per cent provided in 2012-13.

“The decision on interest rate on PF deposits for this fiscal is pending for long and a decision would be taken by the board in the next meeting,” said Central Provident Fund Commissioner KK Jalan. A decision on the interest rate could not be taken as the Central Board of Trustees has not met after it was reconstituted in May.
Source: http://www.indianexpress.com
[http://www.indianexpress.com/news/epfo-to-decide-pf-interest-rate-on-january-14/1210386/]

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How to calculate interest on General Provident Fund (GPF)

admin — Mon, 16 Sep 2013 12:47:28 +0000

How to calculate interest on GPF

General Provident Fund : Needless to say that one of the easiest and good return saving scheme for Central Government Employees who have been appointed on or before 31.12.2003. They can save not less than 6% from the total emoluments. As per the GPF Rules, subscriptions may be increased twice and/or reduced once at any time during the year. Interest rates are announced by the Central Government from time to time, it has now been reduced from 8.8% to 8.7% for the current year.

GPF calculation Illustration –1 :-

Monthly subscription Rs.5,000
Rate of Interest 8.8%

Month	Subscription	Refund	Withdrawal	Progressive Balance	Interest for Year
Apr-12	5,000	–	–	5,000	–
May-12	5,000	–	–	10,000	–
Jun-12	5,000	–	–	15,000	–
Jul-12	5,000	–	–	20,000	–
Aug-12	5,000	–	–	25,000	–
Sep-12	5,000	–	–	30,000	–
Oct-12	5,000	–	–	35,000	–
Nov-12	5,000	–	–	40,000	–
Dec-12	5,000	–	–	45,000	–
Jan-13	5,000	–	–	50,000	–
Feb-13	5,000	–	–	55,000	–
Mar-13	5,000	–	–	60,000	–
	60,000	–	–	3,90,000	2860

Calculation of interest = 390000 / 12 x 8.8 / 100 = 2860
Closing balance as on 31.3.2013 will be = 60,000 + 2,860 = 62,860

GPF calculation Illustration –2

Closing balance Rs.1,80,000
Monthly subscription Rs.10,000
Rate of Interest 8.8%
Taken as final withdrawn Rs.1,80,000 during November, 2012

Month	Subscription	Refund	Withdrawal	Progressive Balance	Interest for Year
Apr-12	10,000	–	–	1,90,000	–
May-12	10,000	–	–	2,00,000	–
Jun-12	10,000	–	–	2,10,000	–
Jul-12	10,000	–	–	2,20,000	–
Aug-12	10,000	–	–	2,30,000	–
Sep-12	10,000	–	–	2,40,000	–
Oct-12	10,000	–	–	2,50,000	–
Nov-12	10,000	–	1,80,000	80,000	–
Dec-12	10,000	–	–	90,000	–
Jan-13	10,000	–	–	1,00,000	–
Feb-13	10,000	–	–	1,10,000	–
Mar-13	10,000	–	–	1,20,000	–
	1,20,000	–	1,80,000	20,40,000	14,960

Calculation of interest = 2040000 / 12 x 8.8 / 100 = 14960
Closing balance as on 31.3.2013 will be = 1,20,000 + 14,960 = 1,34,960

Source : www.ekanews.blogspot.in
[http://ekanews.blogspot.in/2013/04/how-to-calculate-interest-on-gpf.html]

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Provident Fund : Revised rate of interest – with regard to Staff Provident Fund in EPFO

admin — Fri, 17 May 2013 16:26:03 +0000

Provident Fund : Revised rate of interest – with regard to Staff Provident Fund in EPFO

EMPLOYEES’ PROVIDENT FUND ORGANISATION
(MINISTRY OF LABOUR & EMPLOYMENT, GOVT. OF INDIA)

HRD/3(2)2012/SPF

Date : 16/05/2013

To
All Additional CPFCs,
All RPFCs, Regional Offìces, including RPFC (ASD), Head Office,
All Officers In-charge of SROs

Sub : Revised rate of interest – with regard to Staff Provident Fund in EPFO.

Sir,
Please refer to the Resolution dated 08th April, 2013 issued by Ministry of Finance (Department of Economic Affairs) regarding declaration of rate of interest of General Provident Fund (GPF) and other similar funds.

2. In this connection, it is announced for general information that during the year 2013-2014, accumulations at the credit of subscribers to the Staff Provident Fund shall carry interest at the rate of 8.7% (Eight point seven percent) per annum w.e.f. 01.04.2013.

Encl: as above

Yours faithfully,
sd/-
(R.K.KUKREJA)
Add,. CPFC (HR)

Source: www.epfindia.com
[http://www.epfindia.com/Circulars/Y2013-14/HRD_SPF_4677.pdf]

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Interest rate on General Provident Fund (GPF) during the year 2013-2014

admin — Sat, 13 Apr 2013 14:59:55 +0000

Resolution – accumulations at the credit of subscribers to the GPF and other similar funds – 2012-2013

(PUBLISHED IN PART I SECTION OF GAZETTE OF INDIA)
F.No.5(1)-B(PD)/2013
Government of India
Ministry of Finance
(Department of Economic affairs)

New Delhi, the 8th April, 2013

RESOLUTION

It is announced for general information that during the year 2013-2014, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.7% (Eight point seven per cent) per annum. This rates will be in force during the financial year beginning on 1.4.2013.

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Advances to Government servants — Rate of interest for purchase of conveyances during 2012-2013

admin — Thu, 10 Jan 2013 16:18:09 +0000

F.No. 5(2)-B(PD)/2012

Government of India

Ministry of Finance

Department of Economic Affairs

New Delhi, the 7th January, 2013

OFFICE MEMORANDUM

Subject : Advances to Government servants — Rate of interest for purchase of conveyances during 2012-2013.

The undersigned is directed to state that the rates of interest for advances sanctioned to the Government servants for purchase of conveyances during 2012-2013 i.e. from 1st April, 2012 to 31st March, 2013 are revised as under:

Rate of interest per annum :-

	Rate of interest per annum
(i) Advance for purchase of conveyance other than motor car (viz. motor cycle, scooter etc.)	9%
(ii) Advance for purchase of motor car	11.5%

sd/-

(A.K. Bhatnagar)

Under Secretary (Budget)

Source: www.finmin.nic.in
[http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/RoIPurchConvey12.pdf]

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Pensionary and GPF benefits to the staffs of Non-Statutory Departmental Canteens Staffs

admin — Thu, 06 Dec 2012 07:45:13 +0000

Pensionary and GPF benefits to the staffs of Non-Statutory Departmental Canteens Staffs

No.12/4/97-Dir (C) (Vol.II)

Government of India

Ministry of Personnel, Public Grievances and Pensions

Department of Personnel and Training

3rd Floor, Lok Nayak Bhawan,

Khan Market, North Block, New Delhi,

dated the 26.11.2012

OFFICE MEMORANDUM

Subject: Implementation of the Order dated 30.4.12 passed by the Hon’ble Delhi High Court in W.P. (Civil) No.5695/2000 – Pensionary benefits to the employees of Non-Statutory Departmental Canteens – Regarding.

The undersigned is directed to refer to this Department’s Office Memoranda Nos.12/3/92-Dir (C), dated 16.11.92 and 16.12.93 (copies enclosed) which provided for Pensionary and GPF benefits admissible to the Non-Statutory Departmental Canteen employees. These provisions had been against by a section of canteen employees. The Hon’ble CAT, Principal Bench, New Delhi in two such petitions bearing Nos.572/96 and 2136/98 have ordered on 3.12.99 and 13.1.2000 respectively as under :-

i) “……….The respondents are, therefore directed to grant the benefits of the entire past service prior to the Applicants having been declared as Government Servants for counting towards pensionary benefits”

ii) “………Respondents are directed to take a decision in terms of the decision given by the Tribunal in O.A. No.572/96 i.e.to take into account the entire past service of the applicants for purpose of counting towards pensionary benefits”.

2. However, Government decided to file an appeal against the said orders of the CAT before Hon’ble High Court. Accordingly, an appeal was filed vide W.P. No.5695/2000 against of the CAT. Pending disposal of W.P.No.5695/2000 in the Delhi High Court, it was decided to implement the CAT’s Order dated 3.12.99 vide OM No.12/9/2000-Dir (C), dated 8.11.2000. Now, W.P. (C) No.5695/2000 has been dismissed by the Hon’ble High Court vide their order dated 30.04.2012 for devoid of merits.

3. The matter has been accordingly considered by the Government and it has been decided that the entire past service rendered on regular basis by the non-statutory canteen employees will be reckoned as “Qualifying Service” for the purpose of calculation of pension in accordance with the relevant provisions contained in CCS (Pension) Rules, 1972 and related orders. This admissibility will be subject to the refund of the entire amount received as employers’ contribution to the EPF, if any, including interest received by them alongwith interest at the rate applicable to GPF accumulation from time to time as prescribed in Department of Pension and Pensioners Welfare’s OM No.38/34/2001-p&PW (F), dated 29/4/2002 (copy enclosed). The interest will be calculated for the period from the date of receipt of employers’ share of EPF contribution by the employee to the date of refund to the Government.

4. In view of the above, the provisions contained in this Department’s Office Memoranda bearing No.12/3/92-Dir (C), dated 16/11/92, 16/12/93 and 8/11/2000 shall stand modified to the extent of the provisions specified herein above.

5. The Ministries/Departments are requested to issue instructions to their attached/subordinate offices to take immediate necessary action to settle the cases of the employees afresh who retired/died in harness on or after 1/10/91.

6. This issues with the approval of Ministry of Finance, Department of Expenditure U.O. Note No.1(17)/E.V/2000, dated 7/11/2012 and Ministry of Home Affairs, Home (Finance) Dy. No.CF 147351/AFA (F-1), dated 8/11/2012.

7. Hindi version of this will follow.

sd/-

(Pratima Tyagi)

Director (Canteens)

Source: www.persmin.nic.in

[http://ccis.nic.in/WriteReadData/CircularPortal/D2/D02adm/Canteen_261112.pdf]

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Amendment in the scheme of EPF for International Workers

admin — Mon, 29 Oct 2012 08:33:11 +0000

Amendment in the scheme of EPF for International Workers

MINISTRY OF LABOUR AND EMPLOYMENT

NOTIFICATION

New Delhi, the 5th October, 2012

G.S.R. 744(E).— In exercise of the powers conferred by section 5, read with sub-section (1) of section of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952). the Central Government hereby makes the following Scheme further to amend the Employees’ Provident Funds Scheme, 1952, namely:

1. (I) This Scheme may be called the Employees’ Provident Funds (Fourth Amendment) Scheme, 2012.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Employees’ Provident Funds Scheme, 1952 (hereinafter, referred to as the principal Scheme), under paragraph 83 relating to special provisions in respect of International/Workers.

(a) in paragraph 69 of the principal Scheme” as modified by para 6 of aforesaid paragraph 83, for sub-paragraph (4). the following sub-paragraph shall be substituted, namely:“

(4) In respect of a member covered under social security agreement entered into between Government of India and any other country, on ceasing to be an employee in an establishment covered under the Act.”;

(b) in paragraph 72 of the principal Scheme, as modified by para 7 of aforesaid paragraph 83, for sub-paragraph (2), the following sub-paragraph shall be substituted, namely:“

(2) The due amount in respect of the member shall be payable in the payees bank account directly or through the employer”.

[IF, No. S-35025/09/2011-SS-ll]

RAVI MATHUR.Addl. Secy.

Foot Note : The Employees’ Provident Funds Scheme, 1952 was published in e Gazette of India, Part II, Section 3, Sub-section (i), vide number S.RO. 1509, dated the 2nd September, 1952 and lastly amended vide number G.S.R. 382(E), dated the 24th May, 2012.

THE GAZETTE OF INDIA: EXTRAORDINARY

NOTIFICATION

New Delhi, the 5th October, 2012

G.S.R. 745(E) :- In exercise of the powers conferred by section 6A. read with sub section (I) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952). the Central Government hereby makes the following Scheme further to amend the Emp1oyees Pension Scheme. 1995, namely:

1. (I) This Scheme may be called the Employees Pension (Amendment) Scheme. 2012.

(2) It shall come into force on the daze of its publication in the Official Gazette.

2. In the Employees’ Pension Scheme, 1995 (hereinafter referred to as the principal Scheme) under paragraph 43A relating to special provisions in respect of International Workers:-

(a) in paragraph 2 of the principal Scheme, as modified by sub-pars (2) of aforesaid paragraph 43A, clause (xv) shall be omitted,

(b) after sub-pars (4) of aforesaid paragraph 43A, the following sub-para shall be inserted, namely:

(4A) For paragraph 9 of the principal Scheme, the following paragraph shall be substituted, namely:.

“9. Determination of eligible service in respect of International Workers. – The eligible service shall be determined as follows:

(1) in the case of the existing member” or the “new entrant”, the “actual service” shall be treated as eligible service.

(ii) in the case of the member covered by a social security agreement, the period of coverage under relevant social security programme in mother country shall be added to actual service and the aggregate thereof shall be treated as eligible service as may be provided in the social security agreement” ‘;

(e) in paragraph 10 of the principal Scheme, as modified by sub-pars (5) of the aforesaid paragraph 43A, sub-paragraph (I) shall be omitted.

[F No. S-35025/09/2011SS-II]

RAVI MATTUR. Addl. Secy.

Foot Note : The Employees’ Pension Scheme, 1995 was published in the Gazette of India, Part II, Section 3, Sub-section (i), vide number 748E, dated the 16th November. 1995 and the Scheme was last amended vide number S.O. 1809(E), dated 5-8-2011.

Source : www.epfindia.com

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