Posted inAdvances Employees Corner

Happy News- NBP Enhanced Advance Salary Loan for Employees

National Bank of Pakistan has enhanced the Advance Salary Loan for Government, Semi Government Employees. This enhanced facility is for the employees of BPS-17 and above, however the lower scale employees are already availing the facility of Advance Salary up to 490,000/-. Earlier this facility of Rs. 490,000/- was for all the employees, now this facility has been enhanced up to 1,000,000/- for the employees of BPS-17 and above.

Posted inEmployees Corner GP Fund

GP Fund Interest Rates for the Year 2011-12 Announced

The General Provident Fund Interest Rates for the financial year 2011-12 has been announced by the Finance Division Regulation Wing vide No. F.2 (1)-Reg.7/2010-302 dated 31st July 2012. The rates on deposits and balances at the credit of the subscribers for the financial year 2010-2011 were 14.20 % per annum. It has now been decided that the rates of profit applicable to the subscribers and the balances in the various Provident Fund during the financial year beginning on the 1st July 2011 shall be 13.70 % per annum. The Concerned Funds are as under:

Posted inEmployees Corner GP Fund

How to Calculate GP Fund Interest Amount?

You already know that GP Fund subscription is made from the regular pay of an employee. This amount of GP Fund is deducted on monthly basis and is noted this amount in the GP Fund Card that is in the custody of concerned Accounts Department of the employee. The record of this amount is maintained from July to June of the next year. Thus the calculation of interest is made on the annual basis by the concerned Account Office. After the final calculation a GP Fund slip is issued to the related employee. You can yourself calculate this amount of interest by using this formula.

Posted inEmployees Corner GP Fund

GP Fund Subscription Rates Since 1986

The Rates of GP Fund Subscription have been changing in history for the various pay scales. Generally, these rates were changed as and when the new basic pay scales were revised. However, these rates were not changed when the new basic pay scales 2007 were introduced.

The full history of GP Fund Subscription Rates since 1986, Basic Pay Scale-wise and year-wise, is as under:

Posted inAdvances Employees Corner GP Fund

How to Calculate Interest on GP Fund Advance?

GP Fund or General Provident Fund is the amount that is being deducted from the pay of an employee on monthly basis at a fixed rate. This amount is actually the employees own amount that is given to the employee at the end of service or the employee can get it as and when he/she need it. Below the age of 45 the employee can get GP Fund Advance as refundable and at the age of 45 or more he/she may get the GP Fund advance non-refundable. I will here explain you the detail of the GP Fund Interest Amount and the method of calculating it.

Here is to mention that the employee can get 80 % of the total amount in his credit. Suppose an employee has Rs. 100000/- in his GP Fund balance then the employee can draw Rs. 80,000/- after sanctioning the higher authorities.

Posted inAdvances Employees Corner

How to Calculate Interest on Motorcar and Motorcycle Advance?

Calculation of interest on Motorcar and Motorcycle Advance is really a great topic for the employees who don’t know the ABC of accounts. Most of the employees depend on auditors and accountants or other clerical staff to calculate the interest on the advances they have drawn. Sometimes they due to unawareness of the calculation of the amount of interest many employees may pay more interest than the actual interest amount, this is really a financial loss for the employee.