The Punjab Govt has announced Educational Scholarships for the kids of Govt Employees. The kids of All the Govt employees who have got 60 % marks in SSC and HSSC can apply for these scholarships. The students who have passed their SSC or HSSC exams through BISE and FBISE are eligible for these scholarships.
The income of the parents of the students must be maximum 15000/- per month. The following categories can apply for these scholarships:
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:
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.
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:
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.
I am sharing here the history of GP Fund Interest Rates 1953 to Date History (History of GP Fund Mark-up Rates). These GP Fund Interest rates are very useful for Govt Employees. These can help in calculating the interest on GP Fund as well as these can be very useful for the purpose of calculating interest on Motor Car Advance, Motor Cycle Advance, etc. In a few years, Government also granted a Bonus on GP Fund Interest amount. Federal Government issued new GP Fund Interest Rates 2021-22 @ 12.40%. The year-wise interest rates on the GP Fund since 1963 to date are as under: