General Provident Fund GP Fund deduction rates have been revised with effect from 1st July 2022 onwards. According to a notification issued by the Government of the Punjab finance department, GP Fund Deduction rates for Punjab 2022-2023 have been revised. Here you will find BPS No 1 to BPS No 22 GP Fund deduction rates in Punjab 2022-2023.
As per the decision made by the finance division of Punjab new GP Fund deduction rates will be applicable from 1st July 2022. Here you can check out all Punjab Govt employee’s monthly deduction rates for GP Fund which have been revised by the Punjab Govt finance department.
Mark Up Rates GP Fund 2022 Detail
Sr. No Year Mark Up
1 2018-2019 14.35%
2 2019-2020 12.00%
3 2020-2021 07.90%
4 2021-2022 07.90%
What is GP FUND?
General Provident Fund or GP Fund has been regularly deducted from Regular employees’ salaries per month. In this regards his or her GP Fund balance has been increased after markup or interest. GP Fund is normally calculated from fiscal year 1st July to 30th June.
How many ways to take GP Fund
There are three ways to take your GP Fund. 1st Refundable. 2nd Non-Refundable. 3rd Final Payment
Refundable GP Fund
If you are under 50 years of age you can apply for the Refundable GP Fund. In this condition, you can get 80% of your GP Fund balance. When you are applying for GP Fund refundable, you may return back in 36 equal installments.
Non-Refundable GP Fund
If you are above 50 years of age, you can apply for a Non-Refundable GP Fund. In this regard, you can take the GP Fund amount is nonrefundable. Even you can get a 100% GP Fund amount which you cannot return back in installments. This is called the Non-Refundable GP Fund.
Final Payment GP Fund
If a person retired from his or her service can take Final Payment of the GP fund. If a person died during his or her service also spouse can claim GP Fund’s final payment after his or her death. In this situation, they can take all balance of the GP Fund as Final Payment.