DP&PW Clarification regarding timely payment of GPF final payment to the retiring Government servant – GPF will be paid immediately after retirement
GPF and other Provident Fund Interest Rate from 1st January 2017 interest rate @ 8% from 01.01.2017 – Finance Ministry Resolution
In a measure that would benefit thousands of Central government employees, the central government on Friday extended the Retirement Benefits and death gratuity to all, irrespective of the date on which they had entered government service.
General Provident Fund and other similar funds such as contributory provident fund, defence services provident fund, All India Service Provident Fund, and Railway Provident Fund are applicable to Central Government Employees, Autonomous Bodies, Defence Personnel, AIS Officers, and Railway Railway Employees respectively
Finance minister Arun Jaitley in his Budget speech last year had proposed the creation of Senior Citizens Welfare Fund saying, “there are unclaimed deposits of about Rs 3,000 crore in the PPF, and approximately Rs 6,000 crore in the EPF corpus
EPF interest rate for previous year was fixed at 8.75%. For the year 2015-16, interest for contribution made by employer and as well as Employee will 8.8%.
General Provident Fund (GPF) is applicable to Central Government Employees who have joined in the service before 01.01.2004. Govt has made National Pension System which is also called National Pension Scheme as a mandatory pension scheme in respect of employees who have joined on or after 1st January 2004
EPF subscriptions can be made through Internet Banking relaxed till 30th June 2016 – The Central Government has made it mandatory for employers to pay statutory contribution electronically through Internet Banking only.
KVS has instructed all the Deputy Commissioners of all Regional Offices to take steps for speedy settlement of the retirement benefits or death benefits to the bereaved family. KVS wants the retirement benefits should be made available on the day of retirement. KVS instructs all the personnel concerned are advised to work in advance and see that the settlement is made on the retirement day.
DA indexed Gratuity proposed by 7th Pay Commission will be beneficial to Central Government Pensioners. Presently Employees retire at the end of term of any pay commission end up in getting same gratuity which was granted to employees 10 years ago who retired immediately after implementation of pay commission.
Indian Banks’ Association inform the retirees to give their consent for joining the Medical Insurance Scheme with United India Insurance Co. Ltd, latest by 25th October, 2015 to commence the policy from 01.11.2015
PFRDA provides Scheme details of Atal Pension Yojana – Pension Scheme
EPFO has issued a letter stating the amendments to the EPS 1995 regarding eligible service under EPS
Employees Provident Fund – Deduction of TDS on withdrawal of PF – EPFO Circular for instructions to all Employers regarding amendment of Section 192A of Income Tax Act 1961
Settlement of Retirement Benefits to Railway Employees – Procedure to be followed and Formalities to be observed and withholding of pensionary benefits