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Earlier there was no limit for Punjab government employees to deposit cash in GPF account. Apart from this, the employees also get more than seven percent interest on the money deposited in the account. After the new orders issued by the central government, now the government employees will be able to deposit only 40 thousand rupees of their salary in the GPF account.
The Punjab government has given instructions referring to the central orders
The Central Government has issued instructions under sub-rule (2) of rule 9D of the Rules, 1962 to make the provisions made in sub-section-1 of Clause-C applicable to Punjab. Referring to the central instructions, the Punjab government has issued instructions to all departments that during the year 2023-24, all employees and officers will not be able to deposit more than 5 lakh rupees in the GPF.
The amount will be adjusted within the specified time
If the amount deposited in GPF of any Government Officer/Employee is likely to exceed Rs.5 lakh per annum, the GPF amount will be adjusted within the prescribed limit in the remaining months by the concerned department.
5 lakhs will not be already deposited in GPF.
If the GPF of any Government Officer/Employee is already more than Rs.5 lakh during the financial year 2023-24, no money of the concerned employee/officer shall be deposited in the GPF in the remaining months. The finance department has also relaxed its rules to implement this new rule. Under this, the GPF contribution has been instructed to keep at least five percent of the salary.
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