look news india
After Railways, now Employees Provident Fund Organization (EPFO) There is good news for. Like Railways, EPFO has also announced bonus to its employees. Railways is giving 78 days bonus to its eligible employees before Diwali, while EPFO has announced to give 60 days bonus to the eligible employees.
Eligible Group C and Group B (Non-Gazetted) employees of EPFO will get this 60 days Productivity Linked Bonus (PLB) for the financial year 2023-24. This bonus amount will be sent to the account of eligible employees of EPFO before Diwali.
What is a productivity linked bonus?
Productivity Linked Bonus (PLB) is an incentive scheme given to employees based on their performance. The objective of which is to encourage employees for their efficiency and performance. This especially applies to government and public sector employees like Railways, EPFO. Productivity-linked bonuses are usually equal to a certain number of days' basic salary of employees, motivating them to improve their efficiency. For example, recently Railways had announced to give 78 days PLB to its 11,72,240 employees. Now EPFO has also announced to give 60 days of productivity linked bonus to eligible employees.
EPFO has informed through a circular issued on October 8 this month that it has been decided that the eligible Group C and Group B (Non-Gazetted) employees working with the Employees Provident Fund Organization for the financial year 2023-24. Productivity Linked Bonus (PLB) will be given. The competent authority of EPFO has taken this decision of advance payment. After this decision, eligible Group C and Group B employees of EPFO will get a maximum of Rs 13,816 as bonus (PLB) as per their 60 days salary.
These EPFO employees will get 60 days bonus
Through a recently issued circular, EPFO has said to give 60 days bonus to eligible Employees Provident Fund Organization employees for the financial year 2023-24. Who will get the benefit of this bonus, read the details here.
Group C and Group B (Non-Gazetted) employees of EPFO will get the benefit of bonus. Provided that these employees are in service on proportionate basis and have already worked on the last day of March of the financial year 2023-24.
Eligible employees of EPFO who have been in service for less than one year will also get the bonus. However, they will have to serve for at least 6 months in the financial year 2023-24.
EPFO employees earning more than Rs 7,000 per month are also eligible to get the bonus.
Employees who will be on extraordinary or half pay leave in the month of March in the financial year 2023-24 will get a bonus on the basis of salary and allowances.
EPFO has recently said through a circular that every eligible employee will have to submit a signed undertaking. The circular said that the undertaking will state that this advance payment will be adjusted as PLB for the financial year 2023-24 and any excess payment made under PLB will have to be refunded. The advance payment will be subject to the same terms and conditions as are applicable to the grant of PLB. The circular states that the payment will be made before October 11, 2024. Information about the total number of employees receiving this advance and the amount given will have to be given to the office. The cost of these advances will be taken from the “Productivity Linked Bonus” budget.
These employees will not be entitled to bonus
This advance will not be given to those eligible employees who have already retired from EPFO. Further, Casual/Contract/Additional Departmental employees are also not entitled to this advance bonus.