Important Announcement: The Government Will Provide a Diwali Bonus to the Following Employees; Read on for More Information
New Delhi: The staff of EPFO will be pleased to hear this news. In anticipation of the next festival, the Employees’ Provident Fund Organization (EPFO) has provided its staff with an announcement on the Diwali Bonus.
In an official statement dated October 19, the social security organisation made the announcement that it would provide a productivity-linked bonus, also known as a PLB, to all of its Group ‘C’ and Group ‘B’ (non-gazetted) workers. This incentive will be paid out quarterly.
Workers who are qualified for the EPFO will get a PLB equivalent to 60 days’ earnings, up to a maximum of Rs 13,806. This incentive is available to qualifying employees only.
According to what is written in 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 Employee (Non-Gazetted)
Who is eligible to get PLBs? (productivity-linked bonus)
The Employees’ Provident Fund Organization (EPFO) stated in the circular that regular Group C and Group B (non-gazetted) employees, regardless of whether they are temporary or permanent, will be eligible to receive the bonus provided they were in service on a pro-rata basis and also on the last day in March of 2021-22. This eligibility requirement must be met in order to receive the bonus. However, those who work in the department on a casual, contract, or additional basis will not be eligible for the incentive.
How can one determine the PLB value?
The amount of the bonus may be calculated using the following formula: regular emoluments multiplied by the total number of bonus days worked divided by 30.4.
Important Announcement: The Government Will Provide a Diwali Bonus to the Following Employees; Read on for More Information
Important Announcement: The Government Will Provide a Diwali Bonus to the Following Employees; Read on for More Information
New Delhi: The staff of EPFO will be pleased to hear this news. In anticipation of the next festival, the Employees’ Provident Fund Organization (EPFO) has provided its staff with an announcement on the Diwali Bonus.
In an official statement dated October 19, the social security organisation made the announcement that it would provide a productivity-linked bonus, also known as a PLB, to all of its Group ‘C’ and Group ‘B’ (non-gazetted) workers. This incentive will be paid out quarterly.
Workers who are qualified for the EPFO will get a PLB equivalent to 60 days’ earnings, up to a maximum of Rs 13,806. This incentive is available to qualifying employees only.
According to what is written in 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 Employee (Non-Gazetted)
Who is eligible to get PLBs? (productivity-linked bonus)
The Employees’ Provident Fund Organization (EPFO) stated in the circular that regular Group C and Group B (non-gazetted) employees, regardless of whether they are temporary or permanent, will be eligible to receive the bonus provided they were in service on a pro-rata basis and also on the last day in March of 2021-22. This eligibility requirement must be met in order to receive the bonus. However, those who work in the department on a casual, contract, or additional basis will not be eligible for the incentive.
How can one determine the PLB value?
The amount of the bonus may be calculated using the following formula: regular emoluments multiplied by the total number of bonus days worked divided by 30.4.
Archives
Categories