General Provident Fund: The Centre has really launched an evidence regarding the dispensation of the General Provident Fund (GPF) to civil servant upon retired life. The Department of Pension and Pensioners’ Welfare (DoPPW) equipped this info in suggestions to questions regarding the settlement of ardour on overdue GPF repayments post-retirement.
The Department of Pension & & Pensioners’ Welfare (DoPPW) has really highlighted in its memorandum the importance of guaranteeing the well timed dispensation of the GPF final complete as much as retired civil servant. This stays in conformity with the requirements detailed of their earlier office memorandum launched in January 2017, which had really equipped info to varied ministries and divisions.
“Recently few references regarding interest on delayed payment of GPF to the retired Government have been received for clarification whether interest is payable on GPF after retirement,” the memorandum claimed.
The General Provident Fund (GPF) is a required financial price financial savings effort developed by the federal authorities to maintain its staff and their households. This program acts as an financial safeguard all through their energetic obligation and makes positive assist upon retired life. Its core aim is to ensure a steady income post-retirement for federal authorities staff.
According to Rule 34 of the General Provident Fund (Central Service) Rules, 1960, the Accounts Officer is answerable for guaranteeing the settlement of the GPF amount in relation to be due. This highlights the duty of the authorities to refine these repayments efficiently.
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“… Rule 34 of General Provident Fund (Central Service) Rules, 1960 clearly provides that when the amount standing at the credit of a subscriber in the General Provident Fund becomes payable, it shall be the duty of the Accounts Officer to make payment,” it claimed.
The memorandum highlighted that funds stored in a General Provident Fund (GPF) account are considered the non-public results of the general public servant. Hence, any sort of steady corrective course of or penalties enforced will definitely not affect the launch of GPF funds. Furthermore, in line with Rule 11( 4) of the GPF Rules, if the GPF equilibrium continues to be unsettled upon retired life, ardour will definitely apply on the spectacular equilibrium message the retired life day.
