Last Updated on September 23, 2020 by Galaxy World
. Government of Sindh, the Finance Department has issued a Notification on 23-09-2020 in connection with Rates of Mark-up on State Provident Fund (GP Fund) 2019-20 Sindh. The details of the same are as under:
Rates of Mark-up on State Provident Fund (GP Fund) 2019-20
I am directed to refer to the Finance Division (Budget Wing) Government of Pakistan letter No.F.8(I)GS-1/2018-1054 dated 18th August 2020 on the subject noted above and to convey that the rate of profit/mark-up on state provident Fund i.e. General Provident Fund is Rs. 12.00% per anum for the financial year 2019-20.
For the information of the Government employees the Interest rates for the year 2018-2019 the Government of Sindh Fixed @ 14.70 % per annum. Now the Government decreased the rates of interest. Not only the Sindh Government but also Punjab Govt, Khyber Pakhtunkhwa Government, and Federal Govt fixed the same rate of 12% for the year 2019-2020.
The employee who got the motorcycle and motorcar advance in 2019-20 will have to pay the interest on their advances @ 12%. This is because the MCA, M Cycle Advance, and HBA calculation always depend on the rate of GP Fund. Only the gazetted employees have to pay the interest on House Building Advance. Non-Gazetted employees don’t pay the interest on HBA. They repay the same amount as they withdraw as HBA.