Let us tell you that GPF allows government employees to accumulate savings during their employment period. This is a mandatory scheme, in which the employee has to contribute some percentage of his salary. The GPF scheme comes under the Ministry of Personnel, Public Grievances and Pensions.

Difference between GPF and EPF

The interest rate of General Provident Fund is reviewed every quarter. At the same time, the interest rate of Employees Provident Fund (EPF) is decided from year to year. The interest rate of EPF is revised by EPFO. It has been fixed at 8.15% for the financial year 2023-24. According to EPFO rules, an employee deposits 12 percent of his basic salary in the EPF account every month. The employer or company also contributes the same amount. Of the employer’s share, 8.33 per cent goes into the Employees’ Pension Scheme (EPS), while the remaining 3.67 per cent is invested in the EPF.

PPF interest rate can be estimated

Generally, the interest rate of GPF is estimated from the decision taken on the interest rate of Small Savings Scheme PPF. The government has not made any change in the interest rate of PPF for the fourth quarter (January-March) of the current financial year. Its interest rate is equal to GPF i.e. fixed at 7.1 percent.

However, among small savings schemes, the government has increased the interest rate on Sukanya Samriddhi Yojana by 0.20 percent and the interest rate on three-year fixed deposit scheme by 0.10 percent. Under Sukanya Samriddhi Yojana, the interest rate on deposits has been increased from the current eight percent to 8.2 percent. The rate on three-year fixed deposits has been increased to 7.1 percent from the existing seven percent.

GPF interest rate: If you are a government employee then this news is for you. Actually, the government has announced the interest rates of General Provident Fund (GPF) for the quarter January-March 2024. Interest will be available at the rate of 7.1% in this quarter. This interest rate is applicable till March 31, 2024.

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According to the order issued by the Department of Personnel and Training (DoPT), the disciplinary officers should inform whether the second action can also be invoked during the first action of the penalty. The sentencing authorities should clearly write in their order that an employee is being punished with two fines simultaneously and both the sentences will run concurrently.

The department said in the order issued that the officers will have to tell whether both the sentences will run concurrently or after one is over, the other will be applicable. Whether the punishment given earlier will work or the second punishment will be effective on him.

If it is not explicitly mentioned in the order, then both the sentences shall apply together and run concurrently. Not only this, if the order given later is going to be with a big fine, then it will be implemented immediately over the earlier order and after the expiry of its term, if the period of the earlier order is left, then it will also be completed.

Changes in CCS (Pension) Rules 2021 also

Earlier, the Central Government has also made changes in the CCS (Pension) Rules 2021, under which if a central employee is found guilty of serious offense or negligence during his service, his pension or gratuity or Then both can be banned. Under this new rule, a mistake of the employees after retirement can stop their pension and gratuity.

If the Central employees are found guilty of any serious offense or negligence during their service, then their gratuity and pension will be stopped after retirement.

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