Government of Khyber Pakhtunkhwa Finance Department issued a Notification on 13-07-2023 in connection with New Rates of Mark-up on GP Fund 2022-23 KP.  The new rates on General Provident Fund Interest for 2023 KP are 14.22%. The details are as under:

Revised Rates of Mark-up on GP Fund 2022-23 KP

These revised rates for the fiscal year 2022-2023 are the same as the Federal Government notified. You know Finance Division issued a Notification of Revised GP Fund Mark-up Rates 2022-23 @ 14.22% on 07-07-2023.

The government of the finance department issues notification to the account general KPP Peshawar.  The main subject of the notification is a change in the rate of markup on the state providence fund. government issues the new rate of markup on provident fund for the fiscal year 2020 -2023.

The budget officer funds and loans issues notifications About new market players on the general Provident fund. The new rate is 14.22%.

Revision of Markup Rates on GP Fund

Here we can see the previous and new markup rates apply to the GP fund.

1. The markup rate for the fiscal year 2020-2021 is 7.90%.
2. The marker prayed for the fiscal year 2021-2022 is 12.40%.
3. The market rate for the fiscal year 2022-2023 is 14.22%.

The government of KPK Raises the rate of markup on GP funds for retirees from 12.40% to 14.22%. There is a difference of 1.82%.

1.82% Increase in Markup Rate of GP fund

All government employees receive a grand lump sum amount at the time of retirement. The government deducts this amount with a little percentage on a monthly basis from their salaries. At the time of retirement, the government provides this collective amount to the retiree.

The government of KPK announces a 1.82% increase in the interest rate on the Provident fund. The previous rate of markup is 12.40%. Government revises this rate; the new rate of interest is 14.22%.  KPK Government also orders the finance department to implement this new markup rate for the fiscal year 2020- 2023.

Markup Rates of Previous Years and For 2022-23

As per schedule and notification, the KPK government fixes this rate of markup on the government Provident fund for the given fiscal year.

As the government increases the rate of interest on GP fund. The government also may increase the amount of deduction per month from the salaries of government employees.