GP Fund

GP FUND

Education-Eaze provides you with complete guidance regarding the general provident fund (GP Fund). General provident fund is supposed to be a mandatory saving scheme for a Government employee, which is being deducted from his/her salary. Deduction rates (from time to time) are being fixed by the Government of Pakistan. General Provident Fund statement of each employee is being maintained by the concerned District Accounts Office wherein a total of General Provident Fund, interest and advance details are given.

The government of Pakistan announces interest rates in the month of July every year. If an employee wants to make his/her account interest-free he/she just have to submit an application in this regard to the concern District Accounts Office.

GP FUND 480

Types of GP Fund Advance

If an employee desires to draw his/her General Provident Fund, he/she can draw 80 percent of his/her current balance of the General Provident Fund. For this purpose, he has to maintain all the credentials/documents required for the GPFA which will be discussed in the relevant type of GPFA. There are two basic types of GPFA as follow;

Temporary/Refundable GPFA

In this type of GPFA, a government servant has to refund the creadited/drawn GP Fund in 12 to 36 equal installments which will be deducted from his/her monthly pay.

Requirements:

  • Source Form-5 (completed in all respects)
  • He/she must have a copy of the last GP Fund balance sheet
  • His/her CNIC copy
  • He/she must have the sanction of GP Fund from the authority
  • GCVP proforma duly filled
  • Copy of the first and last pages of the service book
  • Copy of the computerised salary slip of the last month
  • Copy of the SSC (excluding C-IV)
  • Accuracy Certificate by the head of the institution

Permanent/Non-Refundable

Through this type of GPFA, a Government servant can avail of a non-refundable GP Fund on the basic/mandatory condition that he/she is having 45 years of age or above. A government servant can avail of this type of GPFA during his service in the following time spans.

  • First: 45 to 50 years
  • Second: 50 to 55 years
  • Third: 55 to 58 years

Requirements:

  • He/she must have a copy of the last GP Fund balance sheet
  • His/her CNIC copy
  • He/she must have the sanction of GP Fund from the authority
  • GCVP proforma duly filled
  • Copy of the first and last pages of the service book
  • Copy of the computerised salary slip of the last month
  • Copy of the SSC (excluding C-IV)
  • Accuracy Certificate by the head of the institution