The federal government has reduced the profit rate on deposits under the General Provident Fund (GPF) and the Contributory Provident Fund (CPF) for the fiscal year 2024-25.
A resolution issued by the Ministry of Finance states that the new profit rate has been fixed at 12.46% per annum, effective from July 1, 2024. This reflects a cut from the previous year’s rate of 13.97% applicable in FY 2023-24.
The revised rate will apply to both GPF and CPF accounts.
However, separate notifications regarding Provident Funds managed by the Ministry of Railways and the Ministry of Defence will be issued by the respective ministries.
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The resolution has also been directed for publication in the Gazette of Pakistan, thereby giving it formal effect for all relevant departments and subscribers.
