7th Pay Commission: If you yourself are a government employee or there is a government employee in your family, then this news will make you happy. Yes, the interest rates for the General Provident Fund have been announced by the government for the fourth quarter of the current financial year.
The interest rate for GPF and other funds has been retained at 7.1 per cent for January to March of the current financial year by the Ministry of Finance.
The interest rate is reviewed on a quarterly basis.
Earlier, in the quarter ended December 31, the interest rate on GPF was at 7.1 per cent. In the notification issued by the Finance Ministry, it was said that this rate is valid from January 1, 2023 to March 31, 2023. Let us tell you that the government announces interest rates for GPF and other similar funds like CPF, AISPF, SRPF, AFPPF on a quarterly basis. A decision in this regard is given by the Finance Ministry.
What is GPF?
General Provident Fund (GPF) account is only for government employees. This is a retirement fund scheme. Government employees can voluntarily contribute up to 15% of their salary to GPF. In the ‘advance’ feature of this account, the employee can withdraw the fixed amount from the GPF account on any need. Not only this, after the work is done, you can also deposit it. No contribution is made to the GPF fund by the government.
Decision on DA will be taken in March.
Apart from this, the DA hike of central employees has become due from January 1. It is expected that the government will take a decision on this before Holi in March. The AICPI index till November has been released by the Labor Ministry. On the basis of this, it is believed that the government will increase dearness allowance and dearness relief by 4 percent in March. At present the central employees get 38 percent dearness allowance, in the coming time it will increase to 42 percent.
