Govt Announces Big Diwali Bonus For Employees; Check Details
New Delhi: A good news comes for the EPFO employees. The Employees’ Provident Fund Organisation (EPFO) has announced Diwali Bonus for its employees ahead of the festive season.
The social security organisation, in an official communication dated October 19, announced that it will offer a productivity-linked bonus (PLB) to all its Group ‘C’ and Group ‘B’ (non-gazetted) employees.
Under this bonus, the eligible EPFO employees will receive PLB equal to 60 days’ wages, subject to a maximum of Rs 13,806.
According to the document, “Approval of the Competent Authority for Grant of Advance Against the Productivity Linked Bonus for the Eligible Group C and Group B (Non-Gazetted) Employees of Employees’ Provident Fund Organization for the Year 2021-22 is Conveyed Herewith against the Productivity Linked Bonus equal to 60 (Sixty) Days’ Wages Subject to the Maximum of Rs 13,806 to the Eligible Group C and Group B (Non-Gazetted)
Who can receive PLB (productivity-linked bonus)
In the circular, the EPFO said the regular Group C and Group B (non-gazetted) employees, whether temporary or permanent, will be eligible to receive the bonus given they were in service on a pro-rata basis and also on the last day in March of 2021-22. But the casual/contract/extra departmental employees will not be eligible for the bonus.
How can PLB be calculated?
The quantum of bonus may be assessed as per the formula: Average emoluments x number of days of bonus/30.4.