EPFO Bonus to Eligible Employee for FY24: EPFO has announced a bonus of 60 days to its eligible employees for the financial year 2023-24. This advance payment in the form of bonus is to be made in the account of eligible employees before Diwali.
Bonus For EPFO THESE employees: After Railways, now there is good news for Employees Provident Fund Organization (EPFO) employees. Like Railways, EPFO has also announced to give 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 eligible employees.
For the financial year 2023-24, eligible Group C and Group B (non-gazetted) employees of EPFO will get this 60 days Productivity Linked Bonus (PLB). This bonus amount will be sent to the account of eligible employees of EPFO before Diwali.
What is Productivity Linked Bonus?
Productivity Linked Bonus (PLB) is an incentive scheme which is given to the employees on the basis of their performance. The purpose of which is to encourage employees for their efficiency and performance. It is especially applicable to government and public sector employees like Railways, EPFO. Productivity Linked Bonus is usually equal to a certain day of the basic salary of the employees, which motivates them to improve their efficiency. For example, recently the Railways had announced to give 78 days of PLB to its 11,72,240 employees. Now EPFO has also announced to give 60 days of Productivity Linked Bonus to eligible employees.
Through a circular issued on October 8 this month, EPFO has informed that it has been decided that eligible Group C and Group B (non-gazetted) employees working with the Employees Provident Fund Organization will be given Productivity Linked Bonus (PLB) for the financial year 2023-24. 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 employees of EPFO will get 60 days bonus
Through a recently issued circular, EPFO has talked about giving 60 days bonus to eligible Employees Provident Fund Organization employees for the financial year 2023-24. Who will benefit from 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 a proportionate basis and have also 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 a year will also get a bonus. However, they must have served for at least 6 months in the financial year 2023-24.
EPFO employees earning more than seven thousand rupees per month are also entitled to get a 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 based on salary and allowances.
EPFO has said through a recent circular that every eligible employee will have to submit a signed undertaking. The circular states 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 returned for this. The advance payment will be subject to the same terms and conditions that apply to the grant of PLB. The circular says that the payment will be made before October 11, 2024. The total number of employees who are getting this advance and the money given will have to be informed 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. Apart from this, casual/contract/additional departmental employees are also not entitled to this advance bonus.
