Latest news with #GeneralProvidentFund
Indian Express
a day ago
- Business
- Indian Express
Citing irregularities, Haryana bans GPF advance in last 6 months of service before retirement
The Haryana Government Tuesday directed all administrative secretaries that officers and employees should not be granted approval for General Provident Fund (GPF) advance during the last six months of their service before retirement. Officials said the instructions have been issued to 'prevent irregularities in procedures related to GPF'. In a letter, Anurag Rastogi, Chief Secretary, said, 'Details of any advance or withdrawal sanctioned within 12 months before the date of retirement must be mandatorily recorded in the prescribed forms and duly certified by the Administrative Department'. 'If in any exceptional case an advance is sanctioned after the final payment case has been forwarded to the office of the Principal Accountant General, such sanction must be immediately communicated through official email or other formal means so that necessary adjustment can be made in the payment,' said Rastogi, who also holds the charge of Additional Chief Secretary (Finance Department). Citing reasons for the decision, Rastogi said the Finance Department has noticed that some administrative departments and Drawing and Disbursing Officers (DDOs) have been 'sanctioning recoverable or non-recoverable advances even after sending the GPF final payment cases to the office of the Principal Accountant General (Accounts & Entitlement)'. 'It has also been observed that in many cases, mandatory details regarding advances or withdrawals—especially those relating to the 12 months before retirement—are either not filled properly in PF-09 and PF-10 forms linked with GPF final payment, or are not certified by the Administrative Department'. The Haryana Finance Department said such 'lapses increase the risk of errors in payment and excess disbursement, which can cause financial loss' to the state government. The letter added, 'Submission of GPF final payment cases is done only through the Online Diary Management System (ODMS), whereas advances and withdrawals are processed on the Government's E-Billing Portal (T&A)/NIC. Since there is no data integration between these two portals, and some DDOs are not following the prescribed instructions, this problem is occurring repeatedly'. The Haryana Government instructed all treasury officers and DDOs to ensure strict compliance with the order.
Hans India
23-07-2025
- Business
- Hans India
Collector Santosh to Hold Pension Adalat on July 25 to Resolve Long-Pending Pension and GPF Issues
Gadwal: In a major initiative aimed at addressing the long-standing pension-related grievances of retired government employees, District Collector B.M. Santosh has announced the conduct of a Pension Adalat. According to the official statement, the Pension Adalat will be held on July 25, 2025, from 10:30 AM to 5:00 PM at the Conference Hall of the Joint Mahabubnagar District Collectorate, where Drawing and Disbursing Officers (DDOs) from across the joint Mahabubnagar district will participate. The aim of this special drive is to expedite the resolution of pending pension and GPF (General Provident Fund) cases through coordination with the Principal Accountant General of Telangana and District-Level Pension Committees. The Adalat will focus on resolving complaints from pensioners, guiding departmental officers on how to promptly submit proposals, accelerating the resolution process, and reducing pension-related litigation. The event will include a workshop on pension and GPF issues involving officers from the districts of Mahabubnagar, Narayanpet, Jogulamba Gadwal, Wanaparthy, and Nagarkurnool. The workshop will provide clarity on procedures and help resolve administrative delays that are often the root cause of pension case backlogs. As part of the directive, the Collector instructed all department heads in Jogulamba Gadwal district to ensure that at least one officer responsible for handling pension matters from each department attends the workshop without fail. Similarly, District Treasury and Sub-Treasury Officers are required to participate in the Pension Adalat and workshop with all relevant records and documentation pertaining to pension and GPF matters. The Collector also warned that any negligence or delay in this matter would be viewed seriously, as the event is critical for delivering long-overdue justice to pensioners who have dedicated years of service to the government.
Business Upturn
03-07-2025
- Business
- Business Upturn
India keeps General Provident Fund interest rate unchanged at 7.1% for July–September 2025 quarter
The Ministry of Finance has kept the General Provident Fund (GPF) interest rate unchanged at 7.1% for the July–September 2025 quarter. According to a notification issued by the Department of Economic Affairs on July 2, the 7.1% rate applies from July 1 to September 30, 2025, covering GPF and several related provident fund schemes for government employees. The interest rate applies to: General Provident Fund (Central Services) Contributory Provident Fund (India) All India Services Provident Fund State Railway Provident Fund General Provident Fund (Defense Services) Indian Ordnance Department Provident Fund Indian Ordnance Factories Workmen's Provident Fund Indian Naval Dockyard Workmen's Provident Fund Defense Services Officers Provident Fund Armed Forces Personnel Provident Fund These schemes are exclusively available to government employees, who contribute regularly from their salaries. The final corpus, including interest, is paid out at retirement, serving as a financial cushion post-service. The GPF rate is reviewed quarterly by the Ministry of Finance. This quarter's rate remains aligned with the Public Provident Fund (PPF) rate of 7.1%. While PPF is open to all Indian citizens with a 15-year lock-in, GPF is exclusive to government employees with full withdrawal permitted at retirement. In contrast, the Employees' Provident Fund (EPF), meant for private-sector employees, is reviewed annually by the EPFO. The move ensures continued stability in returns for government employees saving through these schemes. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Time of India
03-07-2025
- Business
- Time of India
General Provident Fund (GPF) interest rate for July-September 2025 announced for these central govt employees
What is the GPF interest rate? Academy Empower your mind, elevate your skills What is a General Provident Fund? The Ministry of Finance has officially announced the interest rate for the General Provident Fund (GPF) and other related provident fund schemes for the July–September 2025. The newly declared rate will apply to GPF, Contributory Provident Fund (CPF), All India Services Provident Fund, and similar funds maintained by government General Provident Fund and other similar funds will carry interest at the rate of 7.1% effective from July 1- September 30, to a resolution released by the Department of Economic Affairs (DEA), Ministry of Finance on July 2, 2025, 'It is announced for general information that during the year 2025-26, accumulations of the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.1% (Seven point one percent) w.e.f. 1 July, 2025 to 30 September, 2025. This rate will be in force w.e.f. 1 July, government has kept the interest rate on GPF and linked funds constant for this funds are:1. The General Provident Fund (Central Services).2. The Contributory Provident Fund (lndia).3. The All lndia Services Provident Fund.4. The State Railway Provident Fund.5. The General Provident Fund (Defence Services).6. The lndian Ordnance Department Provident Fund'7. The lndian Ordnance Factories Workmen's Provident Fund.8. The lndian Naval Dockyard Workmen's Provident Fund.9. The Defence Services Officers Provident Fund. 10. The Armed Forces Personnel Provident Provident Funds are provident funds offered only to Indian government employees. Everyone in the government is eligible to contribute a portion of their wages to the General Provident Fund. As a result, when the employees retire, they receive the entire money accrued over their service tenure. The finance minister reviews the GPF interest rate every EPFO increased the interest rate to 8.25% for 2024-2025, according to the PTI 60 of the EPF scheme 1952 defines the rule for calculating the interest for the EPF account. As per the scheme rules, interest is calculated on the monthly running balance and is credited at the end of the financial year.
Hans India
14-06-2025
- Business
- Hans India
Telangana govt. increases DA for employees, issues orders
The Telangana government has announced an increase in the Dearness Allowance (DA) for state employees and pensioners by 3.64 per cent, delivering positive news to many. Following the issuance of G.O. 78 and 79 by Finance Department Principal Secretary Sandeep Kumar Sultania, the new DA increase will take effect from 1 January 2023. With this adjustment, the current DA, which stands at 26.39 per cent, will rise to 30.03 per cent. Employees will see this increase reflected in their June salaries, to be disbursed in July. Notably, all DA arrears from 1 January 2023 to 31 May 2025 will be deposited into the General Provident Fund (GPF) accounts of employees. For those who have already retired, the DA arrears will be paid in 28 instalments. Additionally, 10 per cent of DA arrears for Contributory Pension Scheme (CPS) employees will be credited to their PRAN accounts, with the remaining 90 per cent paid out in the same instalment format alongside the June salary. The increase also applies to employees under the University Grants Commission (UGC) and All India Council for Technical Education (AICTE) pay scales, with their DA rising from 38 per cent to 42 per cent. In a recent cabinet meeting, it was decided to grant a two-part DA increase to employees, with one part to be awarded immediately and the second in six months. This latest DA hike includes employees at various levels, including district, mandal, gram panchyat, municipalities, municipal corporations, agricultural market committees, district library institutions, work-charged establishments, as well as teaching and non-teaching staff at aided institutions and universities.
