The Finance Division of the Government of Pakistan sent out a notification on July 19, 2023, about the Resolution Rate of Profit for 2022-23 on Balances and Deposits to the GP Fund and Similar. Here’s what you need to know:
On July 19, 2023, the Government of Pakistan’s Finance Division sends out a notice. The notice is about announcing the rate of return on payments and the balances in the different provident funds. The rate is 14.22% per year, and it applies to the fiscal year that starts on July 1, 2023.
Types of Funds
These funds include:
- The General Provident Fund (G.P.F)
- The Contributory Provident Fund (C.P.F)
When they leave, all people who worked for the government or a public agency can get a lump sum from these funds. As far as the government is concerned, the old rate is 12.40% per year. But now, t sets the new rate of return on GP funds on hold at 14.22% per year. With these funds, retirees can make more money.
General Instruction of Ministries to Implement New Rates of Profits on GP/CP Funds
The appropriate instructions about the rate of profit will be given by the Ministries of Railways and Defence. Since both Ministries are in charge of different provident funds. The amounts in different provident funds are affected by this rate. The Finance Division of the Government of Pakistan told the Gazette of Pakistan to print the related decision.
Request for Resolution for Revised Rate for GP Fund Subscribers
The Finance Division has asked the Ministry of Railways and the Ministry of Defence to come up with decisions about the rate of return on other Funds like the GP Fund. The amounts of money that subscribers have put into the GP-Fund and other funds like it for the year 2021-2022. The notice from the Finance Department on February 17, 2023, puts this rate at 12.40%. But the government changes this rate, which is now 14.22% per year. The new rate will go into force on July 1, 2023.
