The Central Government has fixed the maximum limit for depositing money in the 'General Provident Fund' ie General Provident Fund. Now no government employee will be able to deposit more than Rs 5 lakh in GPF. Employees' organizations allege that by taking this step, the central government has tried to snatch financial benefits from the workers. Till now it was a rule that any employee deposited 6 percent of his total wages in this fund. Many such employees used to deposit six, ten, or twenty percent of their wages and even more. The interest earned on this deposit is generally higher than that of banks. At present, GPF account holders get interested at the rate of 7.1 percent.
A letter in this regard has been issued on November 2 by the Department of Pension and Pensioners' Welfare under the Ministry of Public Grievances, Personnel and Pensions, Government of India. An order in this regard was issued by the department on June 15. There was also a mention of a maximum limit of five lakh rupees. Later, questions started coming from many ministries and departments on how to implement it. Many employees have deposited more than five lakh rupees this year. There are also many employees whose deposits in 2022-23 are going to reach close to five lakh rupees. So what to do? It has been said by the Ministry of Pensions that earlier it was mandatory to deposit at least six percent amount in GPF. That is, any employee who comes under the purview of GPF, will have to deposit this amount. Many employees used to deposit even more than this.
Now the condition of depositing a 6 percent amount in the GPF account will remain, but its maximum amount has been fixed. Now no employee or officer can deposit more than five lakh rupees in GPF in any way. For the year 2022-23, the employees whose amount has exceeded five lakh rupees should be capped. Now no amount will be deposited in their GPF account for the current financial year. For the employees whose deposit amount is going to be five lakh rupees, care should also be taken that they should not go above five lakh rupees.
Let us tell you that all the employees or officers who come under the old pension system, get the facility of GPF. The interest earned on GPF is tax exempted under 80C. All India Defense Employees Federation AIDEF General Secretary C. Sreekumar says the central government is taking decisions against the interests of the personnel. Employees are struggling for the restoration of old pensions. The government is not implementing this rule. If an employee deposits some amount from his hard-earned money in GPF and takes interest in it, then the government did not tolerate that too. The government is only focusing on reducing its expenditure.
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