Change of rate of GPF Subscriptions
Published in Finance. Tags: Provident Fund.
Government of West Bengal
No. 8912-F(J), Dated: 01.11.2012
Sub: Change of rate of GPF Subscriptions.
The undersigned is directed to say that in terms of Finance Department Memo. No. 1969-F dated 24.02.1989, the amount of subscription to the General Provident Fund once fixed by the subscriber can not be changed during the course of a financial year. But it is observed in the last few years that a good number of subscribers are changing their amounts of subscriptions during the course of a financial year due to ignorance or some other reasons resulting in a part of the subscription being treated as unauthorized and that portion of the subscription earns no interest through out the service carrier of the subscriber.
After careful consideration of the matter the Governor is pleased to decide that the amount of subscription may be
a) enhanced twice at any time during the course of the financial year.
b) reduced once at any time during the course of the financial year; or
c) enhanced and reduced as aforesaid;
Provided that when the amount of subscription is so enhanced/reduced, it shall be within the limit of minimum 6% and maximum 100% of the emolument of the subscriber.
The above decisions will come into force from the next financial year i.e. 2013-2014 and the relevant provision of the General Provident Fund (WBS) Rules will be amended in due course.
Sd/- P.N. Samadder
Joint Secretary to the
Government of West Bengal,