Govt issues guidelines for refund of GPF balance to NPS subscribers

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STATE TIMES NEWS
JAMMU: Jammu and Kashmir Government on Wednesday issued guidelines for payment of the GPF balance in the favour of NPS subscribers.
“As per Government Order No. 266-FD of 2020, September 28, 2020, it was ordered that employees covered under NPS (appointed on or after January 1, 2010) who have been allowed to open GPF accounts and make contributions towards GPF on voluntarily basis vide SRO-12 dated January 11, 2018, will not make further contribution towards GPF accounts. The balance at the credit of the GPF accounts of all such employees shall be refunded after the lock-in period is over,” reads the order issued today by Dr. Arun Kumar Mehta, Financial Commissioner, Finance Department.
The order further stated that whereas the lock-in period is already over on March 31, 2021, it is hereby ordered that the balance at the credit of GP Fund Accounts of the subscribers who are covered under NPS shall be refunded to them as per the procedure i.e the amount at the credit of the subscribers covered under NPS shall be refunded in two installments of 50 per cent each with intervening period of six months and the balances shall be allowed interest upto the month preceding the month in which the amount is refunded.
The order further stated that DDOs shall provide list of the NPS subscribers on their establishment on the prescribed format to the concerned fund offices for issuance of DDO wise authority.
In case of employees, who have not yet been paid 7th Pay Commission arrears, due to various reasons, the procedure shall be adopted i.e for employees covered under old pension scheme, arrears shall be credited into their GPF accounts and for employees covered under NPS, the arrears shall be paid in cash, in two equal installments with intervening period of six months. “This shall not be applicable to the Corporations/PSUs, etc where the implementation and the payment of arrears shall be decided by the respective Boards,” it reads.