Employees Corner, Education and Govt Jobs
I have already published an article in connection with the Calculation of GP Fund Advance Interest Amount manually. On the request of the visitors of Galaxy World, I am today publishing an article about the Calculation of GP Fund Advance Interest Amount in MS Excel Sheet.
I have already published some articles about the Calculation of GP Fund Interest amount after a year’s periods as well as I have also published about the calculation of Interest amount on GP Fund Advance. Today I will tell you how to Calculate GP Fund Balance with Bonus Amount. The bonus on GP Fund was granted in various years during the past.
Govt of Pakistan Finance Division, Regulation Wing Islamabad has issued Notification No. F.2 (1)-Reg.7/2010 dated 19th July 2013 in connection with the revised rates of GP Fund & CP Fund for the year 2012-2013. The new rates are 12%. The rates of the General Provident Fund and the Contributory Provident Fund for the financial year 2011-12 were 13.70%.
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:
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: