Provident fund markup for govt employees cut by 25bps

According circular issued by Finance Division Budget Wing, there will be 13.97 percent markup on GPF deduction for FY 2023-24

By Rana Ghulam Qadir
September 01, 2024
A representational image showing several employees in an office. — AFP/File
A representational image showing several employees in an office. — AFP/File

ISLAMABAD: In bad news for federal government employees, the Ministry of Finance has reduced the markup of General Provident Fund (GPF) of government employees by 25 basis points for the year 2023-24.

According to a circular issued by the Finance Division Budget Wing, there will be 13.97 percent markup on GPF deduction for the previous financial year (2023-24). This rate was set at 14.22 percent for 2022-24 and 12.40 percent for 2021-22. In this regard, Deputy Secretary Finance Division Budget Wing Fahad Ahmed has sent a letter to the Controller General of Accounts.