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While we received the happy news that Government issued orders for grant of one increment in pre-revised pay scale for those who were due for their increments between Feb-2006 to Jun-2006, another long pending demand of the employees for enhancing the interest rate on Provident funds has also been considered in favour of employees to some extent.
In the resolution F.No: 5(1)-B(PD)/2011 dated 19.03.2012, the Ministry of Finance has announced that the following Provident funds in which Central Government Employees subscribe for their retirement benefit will carry interest at the rate of 8.6% with effect from 01.12.2011. However, the these provident funds will remain to fetch interest at the rate of 8% from 01.04.2011 to 30.11.2011.
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.