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New GP Fund Deduction Rates 2022-23 By Finance Department November 2023

Punjab GP Fund Deduction Rates 2023. The deduction rates for Punjab General Provident Fund (GP) in 2023, effective from November 2023, are below.

This is because the Punjab Government Finance Division has revised the government pension fund rates, which will take effect from November 2023 onwards.

Table of Contents

New GP Fund Deduction Rates 2023-24 In Pakistan

It was announced that the General Provident Fund Deduction Rates for 2023 would be issued on November 17th, 2023. This has resulted in the Governor of Punjab amending the Punjab General Provident Fund Rules, 1978.

Revised Punjab GP Fund Deduction Rates 2023 Complete Chart

Sr. NoScaleGP Fund in PKR
1BPS-1600/-
2BPS-21060/-
3BPS-31150/-
4BPS-41230/-
5BPS-51330/-
6BPS-61420/-
7BPS-71500/-
8BPS-81600/-
9BPS-91700/-
10BPS-101800/-
11BPS-111920/-
12BPS-123300/-
13BPS-133570/-
14BPS-143900/-
15BPS-154290/-
16BPS-164960/-
17BPS-176350/-
18BPS-187960/-
19BPS-1910660/-
20BPS-2011950/-
21BPS-2113260/-
22BPS-2214660/-

GP Fund Deduction Rates 2023 By The Finance Department

Considering the payment due in November 2023 for November 2023 and the deductions based on the rates below, the deductions will be regularly made.

A subscription to this service will be charged monthly by the Basic Pay scale shown in column 2. This subscription will be at the rate indicated in column 3.

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Important Note:

According to these rates, deduction based on the above may be made from the employee’s pay for October 2023, due on November 30, 2023, with effect from that pay.

“Subscriptions will be suspended or postponed during training and leave, except when an extraordinary leave without pay occurs.”

How To Decrease In Net Salary Of Employees

Upon issuing this notification, the employees of the Punjab province will receive their monthly salaries on November 1st, 2023, when the new GP Fund deduction rates will be implemented.

Therefore, this will result in the employees receiving a lower salary on November 1st, 2023, as a result of this situation. The amount deducted from the employee’s GP Fund account is, therefore, his. Their accounts can be withdrawn whenever they want.

Punjab New GP Fund Subscription Rates 2023

The Punjab Government decided to amend the Punjab General Provident Fund Rules 1978 by issuing a notification dated October 17th, 2023.

AMENDMENT

Originally published as Punjab General Provident Fund Rule, 1978, this rule is based on that rule For sub-rule (1) of Rule 1.10, the following shall be substituted.

According to column 2 of the table, the subscriber shall make payment to the subscription service every month as specified in column 3 of the table. Therefore, according to the table in column 2, this rate is based on what is stated in column 2.

Rates for Punjab GP Fund Subscriptions in 2023

The Punjab Governor must immediately implement these changes to the Punjab General Provident Fund Rules, 1978, by the Punjab Civil Servants Act, 1974.

Revised Amendment

In Rule 1.10 of the Punjab General Provident Fund Rules of 1978, it is necessary to add the following as a substitution for sub-rule (1) of the rule

  1. Deductions will be made based on the rates mentioned above, beginning with the pay for October 2023 that will be paid on November 1st, 2023.
  2. During training, leave, or except in case of special leave without pay,” the subscription shall not be suspended or deferred during training or leave.

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New GP Fund Deduction Rates 2022-23
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