ISLAMABAD: The Government of Pakistan has decided that the rate of profit applicable to the subscriptions and the balances in the various Provident Funds during the financial year beginning on the 1st July 2023 shall be 13.97 percent per annum.

The Funds concerned are:

(1) The General Provident Fund (G.P.F), (2) The Contributory Provident Fund (C.P.F).

The Finance Division issued resolution which stated that the rate of profit on deposits and on balances at the credit of the subscribers to the General Provident Fund and similar other Funds for the year 2022-23 was fixed under Finance Division’s Resolution dated 19th July 2023 @ 14.22 percent per annum.

13.97pc mark-up rate notified for GP Fund

It has now been decided that the rate of profit applicable to the subscriptions and the balances in the various Provident Funds during the financial year beginning on the 1st July 2023 shall be 13.97 percent per annum.

Necessary instructions regarding the rate of profit applicable to the balances in the various Provident Funds under the control of Ministry of Railways and Ministry of Defence for the year in question will be issued separately by these ministries, said the Finance Division.

Copyright Business Recorder, 2024