Clarification on regulation of GPF subscription over and above the threshold limit of Rupees five lakhs in financial year 2022-2023

To view please Click Here.

Clarification regarding admissibility of interest over and above the threshold limit of Rs five Lakhs-GPF

To view please Click Here

GENERAL PROVIDENT FUND INTEREST RATES w.e.f.FROM 1st JANUARY 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)

Source: https://dea.gov.in/sites/default/files/GPF%20Resolution%20January%202019%20%281%29.pdf

 

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:

 

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/-

(Akhilesh Kumar Mishra)

Director (Budget)

 

GENERAL PROVIDENT FUND INTEREST RESOLUTION

To view the original copy, please CLICK HERE. 

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

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)

EPFO asks field offices to settle employees pension, gratuity on retirement day

New Delhi: Retirement fund body Employees’ Provident Fund Organisation (EPFO) has issued directions to its field offices to settle pension benefits to employees on the day of retirement itself, Parliament was informed on Wednesday. 

“Directions have been issued by EPFO to all its field offices to make the payment of provident fund and pension to members of Employees’ Provident Funds (EPF) Scheme, 1952 and Employees’ Pension Scheme (EPS), 1995 on the date of retirement itself,” labour minister Bandaru Dattatreya said in a written reply to the Rajya Sabha. 

He was responding to a question if the government had decided to settle the PF/EPF, gratuity of retiring on the day of retirement itself.

“As regards settlement of gratuity, as per Payment of Gratuity Act, 1972, the employer shall arrange to pay the amount of gratuity within 30 days from the date it becomes payable to the person to whom the gratuity is payable,” the minister added.

In June 2014, the government had decided to give pension payment order to an employee on the day of retirement itself with the aim to ensure a life of dignity for pensioners.

There are about 48.85 lakh central government employees and 55.51 lakh pensioners in the country.

Source :  http://www.livemint.com/

General Provident Fund: Rate of Interest reduced to 7.8% wef 1st July 2017 to 30th September 2017

(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 17th July, 2017

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 7.8% (Seven point eight per cent) w.e.f. 1st July, 2017 to 30th September, 2017. This rate will be in force w.e.f. 1st July, 2017. 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.

(Vyasan R.)

Deputy Secretary (Budget)

To,

The Manager, (Technical Branch)

Government of India Press, Faridabad. 

F.No.5(1)-B(PD)/2o17

Copy forwarded to all Ministries/Departments of Government of India, President’s Secretariat, Vice-President’s Secretariat, Prime Minister’s Office, Lok Sabha Secretariat, Rajya Sabha Secretariat, Cabinet Secretariat, Union Public Service Commission, Supreme Court, Election Commission and NITI Aayog. 

Copy also forwarded to

1. Comptroller & Auditor General of India and all offices under his control.

2. Chairman, Pension Fund Regulatory and Development Authority.

3. Controller General of Accounts (10 copies).

4. Ministry of Personnel Public Grievances and Pension (Pension Unit/All India Services Division).

5. Financial Adviser of Ministries/Departments (6 copies).

6. Chief Controller of Accounts/Controller of Accounts of Ministries/Departments.

7. Controller General of Defence Accounts.

8. Finance Secretary of all State Governments and Union Territories.

9. Secretary to Governors/Lt. Governors of all States/Union Territories.

10. Secretary Staff Side, National Council of JCM.

11. All Members, Staff Side, National Council of JCM.

12. NIC - For uploading on webhost.

(A.K. Bhatnagar)

Under Secretary(Budget) 

Amendment to the provisions of GPF (CS) Rules 1960 - liberalization of provisions for withdrawals from the Fund by the subscribers - regarding

The above OM seems to be not circulated by our Department till date. Please confirm.

No documentary proof for GPF advance, withdrawal

No documentary proof is required for getting advance or withdrawal from General Provident Fund (GPF), Union Minister Jitendra Singh today said. 

The government has with effect from March 7, 2017, simplified and liberalised the conditions for taking advance from the fund for education, illness and purchase of consumer durables. 

"Conditions and procedures for withdrawal from the fund for the purpose of education, illness, housing, purchase of motor vehicles etc. have also been liberalised.

"No documentary proof is required to be submitted now for advance and withdrawal applications. A simple declaration by the subscriber is sufficient," the minister said in a written reply to Lok Sabha. 

A time limit for sanction and payment of advance or withdrawal has also been fixed, said Singh, the Minister of State for Personnel. 

He said there is no proposal under consideration of the government to increase/link the rate of interest on GPF at parity with that of Employees' Provident Fund (EPF).

"The interest rates on EPF are decided on the recommendations of the Central Board of Trustees taking into account the yearly income from the investment made by EPFO. The GPF interest rate is presently fixed at par with that of PPF interest rate," said Singh.

Source:-The Economic Times

Clarification regarding timely payment of GPF final payment to the retiring Government servant

To view, please CLICK HERE. 

Clarification regarding timely payment of GPF final payment to the retiring Government servant – regarding

GPF shall carry interest @ 8% from 01.01.2017

7th Pay Commission - Employees Provident Fund may be raised to Rs 25,000

Under the 7th Pay Commission minimum wage ceiling the Employees Provident Fund (EPF) is likely to raise to Rs 25,000 from the existing Rs 15,000.

The proposal drafted by Employees’ Provident Fund Organisation (EPFO) will be sent to the Union Government which is likely to be approved, the report suggests.

The decision has been taken by the members of Sub-committee of the Central Board of Trustees, EPFO - the highest decision-making body - on contract workers held on November 7.

According to reports, the EPFO has proposed a hike in the wage limit of all employees drawing basic salary Rs 25,000 would have to contribute to the provident fund. However, those government employees drawing above that limit will have the option to become a member of the provident fund and can have an option to select or reject if they want to.

The move taken by the EPFO comes in the wake of changes in the wage structure in accordance with the proposal of the 7th Pay Commission. Most of the trade union representatives at the CBT sub-committee meeting noting that the minimum wage of the Central government employees after implementation of the 7th Pay Commission report has been hiked to Rs 18,000, due to which the EPFO’s wage ceiling of Rs 15,000 needs to be altered.

The CBT pointed out that there could be a further increase in minimum wages from Rs 18,000 is likely with the trade unions demanding minimum wage to be increased at least Rs 21,000 to Rs 22,000.

In fact, the Employees’ Deposit Linked Insurance Scheme (EDLI) is directly linked to the minimum wage ceiling. At present, If an employee is earning up to Rs 15,000 he or she can avail of benefits under the Employees Deposit Linked Insurance Scheme (EDLI). The scheme provides life insurance of up to Rs 6 lakhs.

Source: FE

Now, you will get all PF, pension dues on or before retirement date on PM Narendra Modi push

New Delhi | November 2, 2016

Your provident fund (PF) and Employee Pension Scheme (EPS) dues will be paid by the Employees’ Provident Fund Organisation (EPFO) on or before the day you retire. A decision to this effect has been taken by EPFO and instructions have been issued by the Central Provident Fund Commissioner, V P Joy on Tuesday to all its offices as a follow up the directions received from Prime Minister Narendra Modi at the recent PRAGATI review meeting held on October 26. The PRAGATI (Pro-Active Governance And Timely Implementation) was held to reviewing programmes and projects of the central and state governments.

“It has been decided that PF and pension payments to members of EPF Scheme 1952 and EPS 1995 are made on the date of retirement itself,” Joy has said in his communication to EPFO offices.

The move comes a day after the CPFC issued instructions regarding settlement in respect of death cases on priority within 7 days.

Joy has instructed EPFO offices to take several steps to ensure payment of dues on the day of retirement. These include:

Generate a monthly list of retiring EPF/EPS members attaining the age of superannuation three months in advance by concerned offices. This should be communicated to the concerned members and their respective employers.

The employers should be requested to make payment of contributions in advance in respect of such retiring employees one month in advance of the date of their retirement.

A complete set of PF and pension claim form along with the communication to fill up the forms and submit to the concerned office complete in all respect at least 14 days prior to the date of retirement should be sent to the retiring employees

The PRO and officials in the Facilitation Centre should be instructed to scrutinise the claim forms received in respect of retirement cases and guide the claimants for submission of all required documents in one attempt only.

For this purpose an official trained and deputed in the facilitation centre will receive the retirement claims. Proper display in regard be made on the seat/counter “please contact for retirement cases" in Hindi, Regional Language and English.

All such retirement claims should be stamped in bold "Retirement claims – Top Priority” The PF claim settlement amount must invariably be credited to the member accounts on or before the date of retirement.

Source : http://www.financialexpress.com

GPF interest rate reduced to 8% from Oct to Dec 2016

"It is announced for general information that during the year 2016-2017, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.0% (Eight per cent) w.e.f. 1st October, 2016 to 31st December, 2016. This rate will be in force w.e.f. 1st October, 2016."

Click here for the finmin resolution

Casual Labourers with temporary status - clarification regarding contribution to GPF and Pension under the Old Pension Scheme

To view, please CLICK HERE. 

Casual labourers with temporary status - clarification regarding contribution of GPF and Pension under the Old Pension Scheme.

As the benefit of Old Pension Scheme and GPF is admissible only to those Casual workers who are covered under the Scheme of 1993, all Ministries/ Department may strictly ensure that it does not lead to demand by regularly recruited fresh employees appointed on or after 1.1.2004 for similar benefit in place of NPS.  

Click here to view DoPT O M No .49014/2/2014 -Estt(C), dated 28th July, 2016.

GPF interest rate will be 8.1% for the period from 1st July, 2016 to 30th September, 2016

Central Govt. employees' Provident Fund and other similar funds will carry interest @8.1% w.e.f 01st July 2016 to 30th September 2016. The interest rate was same in the last quarter. From this Financial Year (2016-17) Govt. decided to announce interest rate in every three months unlike once in a year previously.

To view, please CLICK HERE.