Rule change: Now these employees will not get more interest, these rules have changed, read the new instructions of the department

Citing central instructions, the Punjab government has issued instructions to all departments that during the year 2023-24, all employees and officers will not deposit more than Rs 5 lakh in GPF.

Government Employees News: There is important news for the government employees of Punjab. The Central Government has fixed the limit of GPF account of employees. Under this, employees will now be able to deposit only five lakh rupees in GPF, in such a situation employees will not get more interest than the amount deposited in the account. For this, the Central Government has issued instructions to implement the provisions made in sub-clause I of Clause C under sub-rule (2) of Rule 9D of Rules 1962 in Punjab.

Employees and officers will be able to deposit Rs 5 lakh annually in GPF

Actually, till now there was no limit for depositing money in General Provident Fund (GPF) for government employees in Punjab, in such a situation the employees used to get the benefit of more than seven percent interest on the deposited amount, but now
Employees will not be able to deposit more than Rs 5 lakh annually in GPF. After the new order, employees will be able to deposit only about Rs 40 thousand from their salary in GPF every month.

Citing central instructions, the Punjab government has issued instructions to all departments that during the year 2023-24, all employees and officers will not deposit more than Rs 5 lakh in GPF. To implement this new rule, the Finance Department is While giving concession, instructions have been given to keep the GPF contribution at least five percent of the salary.

Know the new rules of the order

• If the GPF deposit amount of any officer or employee is likely to be more than Rs 5 lakh annually, then the concerned department will adjust the GPF amount of the officer or employee within the prescribed limit in the remaining months.
• If the GPF of any government officer or employee has already exceeded Rs 5 lakh during the financial year 2023-24, then no money will be deposited in the GPF of the said officer or employee during the remaining months.