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Interest Rates for Contributory Pension Scheme announced
Posted on: 25/Feb/2019 12:19:32 PM
The interest rate for the Contributory Pension Scheme has been announced. The employees, who have joined the state government jobs after 1st April 2003 have been included in the Contributory Pension Scheme.
As per the revised Contributory Pension Scheme, 10% of the Basic Pay and Dearness Allowance (DA) is being deducted from the employees. The state government will contribute an equal share of this amount for the Contributory Pension Scheme.
The interest for the deductions on a monthly basis is being revised every quarter year. Accordingly, the interest rate for the 1st and 2nd quarters for the financial year 2018-19 was 7.6%. The interest rate for the 3rd quarter was 8%.
In this situation, the government has ordered to fix the interest rate for the contributory provident fund for the 4th quarter of the year to continue at 8%.
A circular regarding this has been sent to all the offices of the Revenue Department.
