Finance Division issued a Notification on 07-07-2023 in connection with Revised New Mark-up Rates of General Provident Fund (GP Fund) 2023. These amended rates of GP Fund are effective from 1st July 2022 to 30th June 2023. These rates of interest on GP Fund are the highest rates in many years,
Interest / Mark-up Rates of General Provident Fund (GP Fund) 2023
As per the new rates for the financial year 2022-2023, the employees will get 14.22% interest on their General Provident Fund.
The government of Pakistan issued a notification on 7th July 2023 regarding For markup rates of God general Provident funds 2022-2023. Hey according to the previous history of fiscal years, all provinces of Pakistan follow the same rates of markup rates on general Provident funds of government employees.
The finance department on the order of the government of Pakistan deducts a small amount of GP funds from the monthly salaries of government employees. This amount is provided to all government employees on retirement with lumps of collection.
Government of Pakistan Increases Interest Rates on GP Fund
The government of Pakistan announces the marker. On state Provident fund or GP fund as follows:
|Rate of Markup
Rate of Interest on State of Provident Fund 2023-24
Government of Pakistan with the approval of the finance division Issues the rate of markup on the state Provident fund for the fiscal year 2022-2023.
The assistant accountant officer forwards the letter to the controller general of accounts in Islamabad regarding the announcement of rates of markup on state Provident funds that are general Provident funds for the fiscal year 2022-2023.
New Increased Rates of Interest on GP Fund For 2022-2023
As we can see the rate of interest on the GP fund is a little bit raised from the previous years. As of 2021- 2022, The rate of interest on the GP fund is 12.40 %. The total increase in market rate on GP fund for the fiscal year 2022-2023 is 1.82%.
All government employees will receive General Provident funds on their retirement as per the increased rate of markup.
Approved Rate of Markup on State Provident Fund 2022-2023
The Government of Pakistan, Finance Department approves the following rate of markup on state Provident funds as follows
- For the fiscal year 2020-2021, the rate of markup on the state provident fund is 07.9%.
- For the fiscal year 2021-2022, the rate of markup is 12.40%.
- For the fiscal year 2022-2023, the rate of markup is up 14.22%.(increased to 1.82%).
The Finance division regulation wing will now provide the above-mentioned rates of markup on the state providence fund.
The previous financial year Federal Government announced GP Fund Interest Rates 2021-22 @ 12.40%. Now new rates are more than the previous year.