We have positive news for Central Government staff. Yes, the employees, who have been in the quest of some good news regarding the 7th Central Pay Commission will surely put their hands together after reading this piece of writing.
As per latest reports, the Union administration has augmented the interest rate for the General Provident Fund (GPF) and other related plans. The interest rate has been increased by 0.4 percentage points to 0.8% for the three month period ended on December 31, 2018. At present, the general provident fund rate has been set in proportion to that for the Public Provident Fund (PPF), which had also been increased in recent times by the Union administration. The rate of interest on general provident fund remained at 7.6% for the three month period ended September 30, 2018.
In the year 2018-19, accumulations at the credit of subscribers to the GPF and other similar funds shall carry interest at the rate of 8 per cent with effect from October 1 2018 to December 31 2018. The interest rate would apply on Provident funds of Central Government employees, defence forces and also those employed with the railways.
NSC and PPF
During the month of September, the administration had declared that the rate of interest on small savings plans comprising NSC and PPF will get lifted up by around 0.4% for the three month period ended on December 31, 2018 in a bid to line it up with intensifying deposit rates in the banking institutions.
Whilst there is no word regarding a pay hike there is some development, which could result in a cheer. The Modi administration has extended advantages of LTC arrangement.
The Department of Personnel and Training had declared that the structure will now permit administrative employees to travel by air to Jammu and Kashmir, the North East Area, and Andaman and Nicobar Islands. It further stated that the plan has been continued for a further period of 24 months wef September 26, 2018 to September 25, 2020.
As per an official spokesperson, the administration will bear economic load of Rs 921.54 crore for this increase and the state will bear 50% of the financial load.