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GIS Amount Deduction: Employees Provident Fund Organization has good news for government employees. No more money will be deducted from their EPF account. This will increase their salary. Let's find out the details. EPFO says it will stop cuts in group insurance scheme for government employees. This will also increase their salaries. This will also apply to those who have not joined the job after September 1, 2013. The Central Government Employees Group Insurance Scheme (CGEGIS) was started in 1982. This scheme provides two benefits to government employees. It also provides insurance coverage to employees' families and lump sum payments at the time of retirement.
What is EPF saying now?
EPFO announced two orders on June 21, 2024. It has announced that there will be no more GIS deductions from government employees, which will apply to those who joined after September 1, 2013. It has been said that the money deducted till now will also be refunded. With this, the GIS money, which has been cut for ten years, will also be deposited in the employees' accounts. Generally, EPFO ​​deducts a certain amount from the salaries of government and private sector employees every month. Saving them little by little as a provident fund. It also provides the facility of retrieving them for the needs of the employees. Especially marriages, house building, and ill health problems.
However, it seems that the GIS cuts will be removed. But will the changes in this scheme apply to the employees who joined before 2013? Or? There is no clear information on that.