Resolution – Accumulations at the credit of subscribers to the GPF and other similar funds – 2016

(PUBLISHED IN PART I SECTION OF GAZETTE OF INDIA)

F.No.5(1)-B(PD)/2016

Government of India

Ministry of Finance

Department of Economic Affairs

(Budget Division)

New Delhi, Dated the 2nd June, 2016

RESOLUTION

It is announced for general information that during the year 2016-2017, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.1% (Eight point one per cent) w.e.f. 1st April, 2016 to 30th June, 2016. This rate will be in force w.e.f. 1st April, 2016. The funds concerned are:-

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.

2. Ordered that the Resolution be published in Gazette of India.

Sd/-

(H.K. Srivastav)

Director (Budget)

Source: www.finmin.nic.ina

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Conversion from CPF to GPF.

KENDRIYA VIDVAlAYA SANGATHAN

18-INSTITUTIONAL AREA,

SHAHEED JEET SINGH MARG,

NEW DELHI -110016

F.No. 110125/2015/KVS/CPF to GPF /GR.KVS/928

Dated: 15/6/15

Shri M. Krishnan,

Secretary General,

Confederation of Central Govt. Employees & Workers,

1st Floor, North Avenue, P.O. Building ,

New Delhi – 110001.

Subject: Conversion from CPF to GPF.

Sir,

I am to refer to your letter no. KVS/2013-2015 dated 29.04.2015 addressed to the Secretary, MHRD on the captioned subject and to inform you that the matter regarding one time permission for change over from CPF to GPF Scheme for teaching and non-teaching staff of KVS was considered by MHRD in consultation with Department of Expenditure. The Ministry of HRD vide their letter No. F.3-14/2012-UT-2 dated 7th April, 2015 has informed that the Department of Expenditure after examining the proposal has inter-alia observed as under:

“The employees of Kendirya Vidyalaya Sasngathan who were in service as on 1.1.1986 and decided to opt for CPF made a conscious decision knowing well that the option once exercised is final. Grant of one more option to such CPF subscribers in KVS could have repercussion elsewhere with such an option having to be extended to all other CPF beneficiaries as well whose number is quite substantial.

In view of the above position, the proposal for grant of one time permission for changing from CPF to GPF cum Pension Scheme for teaching and non-teaching staff of KVS is not agreed to.”

Hence, it is not possible to accept your request accordingly.

Yours faithfully,

Sd/-

(Govind Kumar) 

Finance Officer

Source:http://confederationhq.blogspot.in/

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General Provident Fund(GPF) Interest Rate 8.7% for 2015-16

Press Information Bureau 

Government of India

Ministry of Finance

Government Decides to Fix Interest Rates at 8.7% for General Provident Fund(GPF) and other Similar Funds Including Special Deposit Scheme, 1975(SDS,1975) for Non-Government Provident, Superannuation and Gratuity Funds for the Financial Year 2015-16 

            It was decided by the Government to link the interest rates of State PFs (General Provident Fund and other similar funds) including Special Deposit Scheme, 1975 (SDS, 1975) for Non-Government Provident, Superannuation and Gratuity Funds for the FY 2015-16 to Public Provident Fund (PPF) rates. In pursuance of that decision, the Government has decided to fix the rates 8.7% per annum applicable to the following:-

·         The General Provident Fund (Central Services).

·         The Contributory Provident Fund (India).

·         The All India Service Provident Fund.

·         The State Railway Provident Fund.

·         The General Provident Fund (Defence Services).

·         The Indian Ordnance Provident Fund.

·         The Indian Ordnance Factories Workmen’s Provident Fund.

·         The Indian Naval Dockyard Workmen’s Provident Fund.

·         The Defence Services Officers Provident Fund.

·         The Armed Forces Personnel Provident Fund.

           

         The rate of interest is applicable to the above funds w.e.f. 1st April, 2015 and until further orders.

Recently, the Government had kept the interest rates for PPF and other Small Savings Schemes intact.  However, interest rates for 5 year Senior citizen Saving Scheme and Sukanya Samriddhi Account Scheme have been increased from 9.2 to 9.3% and 9.1 to 9.2% respectively, keeping in view the commitment of the Government towards the welfare of the girl child and the senior citizens.

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GPF & Pension Benefits to Casual Labour with temporary status regularised after 1.1.2004 - Dopt Orders

GPF & Pension Benefits to Casual Labour with temporary status regularised after 1.1.2004 - Dopt Orders

G.I., Dep. of Per. & Trg., O.M.No.49014/2/2014-Estt(C), dated 29.1.2015

Subject: GPF & Pension Benefits to Casual Labour with temporary status regularised after 1.1.2004 - regarding.

The undersigned is directed to say that following the issue of this Department's O.M. No. Dated 26.04.2004, the status of admissibility of pensionary benefits to CL-TS regularised after 1.1.2004 has been a subject of litigation in a number of court cases being contested by various Ministries/Department.

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Trade Unions to press for 9.5 per cent interest on PF deposits for FY'14

NEW DELHI: Trade unions will press for 9.5 per cent interest on PF deposits to over five crore subscribers for the current fiscal at next week's meeting of the trustees of retirement fund body EPFO. 

The Employees' Provident Fund Organisation's apex decision making body the Central Board of Trustees (CBT) will meet on Monday to discuss and approve the proposal regarding rate of return to be provided on PF deposits in 2013-14. 

"We will demand for 9.5 per cent rate of interest for subscribers for the current fiscal, higher than 8.5 per cent provided for 2012-13," All India Trade Union Secretary and a CBT member D L Sachdev told PTI. 

He said: "This rate of 8.5 per cent is less than the interest provided by banks these days, and would not be able to cover inflation." 

Retail inflation for industrial workers in November was 11.47 per cent. This is the rate of inflation which is used by central government for computing hike in Dearness Allowance. 

According to EPFO estimates in its proposal for the trustees, payment of 8.5 per cent rate of interest on PF deposit for this fiscal would leave a small surplus of Rs 56.96 crore. 

The EPFO, which is estimated to have an income of Rs 20,796.96 crore in the current fiscal, needs Rs 20,740 crore to pay 8.5 per cent interest to its subscribers, as per the agenda listed for the CBT meeting. 

As per the estimates, hiking the interest payment by half a per cent to 9 per cent would require an additional amount of Rs 1,220 crore, which does not seem feasible. 

However, another EPFO trustee and All India Secretary Bhartiya Mazdoor Sangh Virjesh Upadhyay said: "The interest rate for this fiscal could be higher than 8.5 per cent provided in 2012-13. 

"We have certain suggestions. We will put those before the CBT. If we reduce certain administrative expenses and improve efficiency then payment of interest rate higher than 8.5 per cent will be possible." 

Upadhyay said that he would also demand 9.5 per cent interest on PF deposits for 2013-14. 

Source:http://articles.economictimes.indiatimes.com/2014-01-07/news/45955397_1_epfo-trustee-pf-deposits-over-five-crore-subscribers

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