Crores of employed people in the country are associated with some kind of provident fund account. These schemes related to provident fund work to secure the life of a person after retirement at the financial level. However, employees have to invest regularly in these schemes. After retirement, these schemes ensure financial security of the employee’s life. Often many people are confused about the difference between EPF, PPF and GPF. If you do not know about the difference in them, then today we are going to tell you about this. Let’s know –

Employee Provident Fund – EPF

Employee Provident Fund Scheme is being operated for people working in the private sector. This scheme is being operated by the Employees Provident Fund Organization.

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In this, the employee working in the private sector has to invest 12 percent of his salary every month i.e. basic salary and dearness allowance. Apart from this, the employer also has to deposit the same amount in the account. After retirement, the money deposited in EPF helps to secure the future of the employee.

Public Provident Fund – PPF

Public Provident Fund is a very popular scheme in the country. Any Indian citizen can start investing by opening an account in the PPF scheme. The maturity period of the PPF scheme is 15 years. At present, you are getting an interest rate of 7.1 percent on investing in this scheme.

General Provident Fund – GPF

GPF i.e. General Provident Fund Scheme is being operated for central employees. The interest rate received under the General Provident Fund Scheme is ensured on a quarterly basis. In this, the account holder has to deposit at least 6 percent of his salary in the GPF account on a monthly basis.

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The state government has announced a 2.73 per cent hike in Dearness Allowance (DA), which will be implemented from July 1, 2021. After the amendment, the DA of the employees has increased from 17.29 percent to 20.02 percent.

The arrears of payment of dearness allowance for the period from July 1, 2021 to December 31, 2022 will be credited to the General Provident Fund (GPF) account of the employees. However, the arrears of dearness allowance will be paid to the employees retiring on May 31, 2023. He is exempted from making any contribution to General Provident Fund during the last four months of service.

Lakhs of employees will be benefited

Payment of revised dearness relief for pensioners will be payable in February, 2023 along with pension of January, 2023. According to the orders issued on Monday, the dearness relief arrears from July 1, 2021 to December 31, 2022 will be paid in eight equal monthly installments starting from February, 2023 and payable in March, 2023.

Finance Minister T Harish Rao said that the state government’s decision to increase DA will benefit 4.40 lakh government employees and 2.88 lakh pensioners. According to the employees, dearness allowance for July 2021 has been issued and dearness allowance for January 2022, July 2022 and January 2023 is outstanding.

The Tamil Nadu government also increased it, let us tell you that earlier the Tamil Nadu government had increased the dearness allowance by four per cent. After this, the DA received by them has increased from 34 percent to 38 percent. After this decision of Tamil Nadu government, there will be a huge increase in the salary of more than 16 lakh employees of the state. Till now the employees were given 34 per cent dearness allowance, which has now increased to 38 per cent. However, after this decision, there will be an increase in the expenditure of the government.

The post DA Increased: Good news for employee-pensioners, 2.73% hike in DA, arrears to be paid in 8 installments first appeared on Rightsofemployees.com.