7th Pay Commission: Central employees will now get more benefit after this decision of government

There is another good news for central and state government employees. The government has announced the interest rates of GPF (General Provident Fund) for three months i.e. October, November and December 2020. According to this announcement, the GPF interest rate for this quarter has been fixed at 7.1 percent.

A notification in this regard has been issued by the Budget Section of the Department relating to Economic Affairs which comes under the purview of the Ministry of Finance. According to this notification, this interest rate will be considered applicable from October 1, 2020. This decision of the government exposed in the Corona crisis will directly benefit millions of employees of the country. Every year at the beginning of every quarter of the financial year, the central government changes the interest rates for small savings schemes.

After this, revision in interest rates is also decided on GPF and other schemes. That is, the interest received on GPF is reviewed at an interval of every three months and amendments are also made if required. GPF is also a type of provident fund account but Provident Fund Account but it is not applicable to all the field employees. Its benefit is given only to government employees.

It consists of central and state employees. It is mandatory for a certain section of government employees to contribute, contribute to this fund on their own behalf. However, it is an altogether different type of fund from PF.

New notifications will affect these funds

General Provident Fund GPF, All India Service Provident Fund, Contributory Provident Fund, State Railway Provident Fund, Defense Service Officers Provident Fund, Armed Forces Personal Provident Fund, Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen Provident Fund and The funds will have a direct impact on the Indian Naval Postyard Workmen’s Provident Fund etc.

This benefit from investment in GPF

The General Provident Fund is also a type of provident fund. Currently, only government employees can invest money in this fund. If the employee wishes, he can withdraw the amount in the middle of the period, if necessary. The special thing in this scheme is that the money deposited in it is available only to the government employee at the time of retirement.

Government employee entitled to “child care leave”

The central government has also entitled male employees to “child care leave” (CCL). This decision has been taken in the series of major reforms suggested by the Department of Personnel and Training (DoPT). Union Minister Jitendra Singh said that the provision of CCL is only for male employees who are playing the role of both parents. It may also include employees who are widower or divorced.

Said that this order has been issued some time back, but its information has not yet reached the people properly. In addition, employees can also take advantage of LTC, even if they are on child care leave. A male employee taking leave will be given 100 percent salary for the first 365 days and 80 percent salary the next 365 days.

(With inputs from naidunia.com)

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