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Diwali bonanza | EPFO approves productivity linked bonus for select employees — how much they get?

Diwali bonanza | EPFO approves productivity linked bonus for select employees — how much they get?

Diwali bonanza | EPFO approves productivity linked bonus for select employees — how much they get?
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By Anshul  Oct 21, 2022 11:56:03 AM IST (Updated)

All regular employees of Group C and Group B (non-gazetted) whether temporary or permanent are eligible for the advance against PLB provided they were in service on a pro-rata basis, and also on the last day in March of 2021-22. More deets here

The Employees' Provident Fund Organisation (EPFO) has given a big bonanza to its employees ahead of Diwali. EPFO has decided to give a productivity-linked bonus (PLB) to all its Group 'C' and Group 'B' (non-gazetted) employees. Under this, the eligible candidates will get PLB equal to 60 days' wages, subject to a maximum of Rs 13,806.

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In an official notification, EPFO said that the payment of the advance is subject to the condition that an undertaking to the effect that “the advance will be adjusted against the PLB due for the year 2021-22 and any excess payment detected towards PLB for the year 2021-22 would be refunded forthwith,” shall be submitted by each eligible employee.
What are the eligibility criteria for the same?
All regular employees of EPFO's Group C and Group B (non-gazetted), whether temporary or permanent, are eligible for the advance against PLB provided they were in service on a pro-rata basis and also on the last day in March of 2021-22. Casual/contract/extra departmental employees will not be eligible for any 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.
What are the other terms and conditions for the same?
The EPFO employees who were in service for less than one year during the relevant financial year will also be allowed the advance against the PLB on a proportionate basis, provided they were in service for at least six months during the financial year 2021-22, EPFO said.
The employees drawing monthly wages of more than Rs 7,000 will also be entitled to advance against PLB at the rate admissible to those drawing wages of Rs 7,000 per month.
Employees who happen to be on extraordinary or half-pay leave during March will be paid the advance against PLB based on the pay and allowances that would have been payable but for their being on EOL, HPL etc.
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