GPF interest rate reduced to 8% from October to December 2016

GPF interest rate reduced to 8% from October to December 2016

it was announced by Dept of Economic affairs, Ministry of Finance vide its resolution dated 03.10.2016  that during the year 2016-2017, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 8.0% (Eight per cent) w.e.f. 1st October, 2016 to 31st December, 2016. This rate will be in force w.e.f. 1st October, 2016."

Fixation of pay and grant of increment in the revised pay structure - clarifications

Click here to view Dept of Expenditure Ministry of Finance OM dated 29.09.2016 on the above subject matter.

Revision of interest rates for Small Savings Schemes

Click here to view the Interest rates of the Small Savings Schemes effective  for the period from 1-10-2016 to 31-12-2016.

Govt is actively considering central D.A. increase from 01.07.2016

Sources close to Finance Ministry told that the initial installment of DA to central government employees on the revised pay structure w.e.f 1.7.2016 is under consideration.

There is a confusion about percentage of D.A. payable from 1st July 2016 to Central Govt. employee and pensioners. There may be a hike of 2 to 3 percentage point, which is to be announced very soon, probably in this week.
Meanwhile Govt asked the Pay Research Unit to calculate exact financial implication for every percentage of D.A. increase, which is a routine matter.