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The Department of Pension and Pensioners’ Welfare (DoPPW) launched brand-new directions on October 25, 2024, to attend to regular queries concerning passion repayments on postponed GPF dispensations after retired life.
The notification information the repayment of passion on postponed GPF last repayments for retiring public servant, highlighting the tasks of the pertinent authorities and the effects of hold-ups in dispensation.
The Centre has actually provided an information pertaining to the General Provident Fund (GPF) dispensation procedure for public servant upon retired life. The Department of Pension and Pensioners’ Welfare (DoPPW) launched brand-new directions on October 25, 2024, to attend to regular queries concerning passion repayments on postponed GPF dispensations after retired life.
These directions stress the demand for prompt handling at every phase, from preparing retired life listings to releasing the Pension Payment Order (PPO). The notification likewise information the repayment of passion on postponed GPF last repayments for retiring public servant, highlighting the tasks of the pertinent authorities and the effects of hold-ups in dispensation.
According to the memorandum, “Recently, a couple of recommendations pertaining to passion on postponed repayment of GPF to the retired federal government have actually been obtained to make clear whether passion is payable on GPF after retired life.”
Key Points from the Centre’s Clarification on GPF Disbursement to Retired Employees
1. Timely Payment Obligation: Rule 34 of the General Provident Fund (Central Service) Rules, 1960 mandates that the Accounts Officer ensures the GPF amount is paid promptly upon the subscriber’s retirement.
2. Unconditional Disbursement: The GPF balance is the retired government servant’s sole property, and its disbursement remains unaffected by any pending disciplinary proceedings.
3. Interest on Delayed Payments: Rule 11(4) states that if the GPF balance is unpaid at retirement, interest must be applied for the period beyond the retirement date.
4. Interest Payment Approval Process:
- The Pay and Accounts Office (PAO) can approve interest for delays up to six months post-retirement.
- Interest payments for delays beyond six months need approval from the Head of the Accounts Office, while delays exceeding one year require authorization from the Controller of Accounts/Financial Adviser.
Escalation of Delays: Cases involving interest payments will be escalated to the Secretary of the concerned Administrative Ministry or Department to prevent additional financial burdens from accruing due to delayed GPF payments.
5. Accountability: The Secretary will certainly designate obligation at each phase of the GPF repayment procedure to stop hold-ups, stay clear of unneeded passion repayments, and make sure prompt dispensation.
