Diwali congratulations to EPFO ​​employees! A productivity bonus of Rs 14,000 announced for these employees; details here

Diwali congratulations to EPFO ​​employees! These employees will receive up to Rs 13,806 in productivity related bonus

Photo: BCCL

New Delhi: The Employees Provident Fund Organization (EPFO) has announced celebrations for its employees ahead of Diwali. The social security body, in an official communication dated October 19, announced that it will offer a productivity-related bonus (PLB) to all its employees in group “C” and group “B” (not listed ).

Under this bonus, eligible EPFO ​​employees will receive a PLB equal to 60 days salary, subject to a maximum of Rs 13,806.

“The approval of the competent authority for the granting of a productivity-related bonus advance for eligible Group C and Group B (unlisted) employees of the Employees Provident Fund organization for the year 2021-22 is hereby conveyed against the productivity related bonus equal to 60 (sixty) days salary subject to a maximum of Rs 13,806 for eligible Group C and Group B employees ( unlisted) of the employee provident fund organization for the year 2021-22,” the statutory body said.

EPFO further noted that the disbursement of the advance is subject to the condition that a commitment that “the advance will be adjusted to the PLB due for the year 2021-22 and any overpayment detected towards the PLB for the year 2021-22 would be reimbursed immediately”, must be submitted by each eligible employee.

Eligibility criteria to receive the PLB

According to the EPFO, all regular employees in Group C and Group B (not listed), whether temporary or permanent, will be eligible to receive the bonus given that they were on duty on a pro rata basis and also on the last day. Of March. from 2021-22.

However, casual/contract/additional employees of the department will not be eligible for the bonus.

PLB calculation

An eligible employee will receive the bonus linked to productivity calculated according to the formula: average emoluments x number of bonus days/30.4.

PLB prepayment date

EPFO specifies that the amount of the advance on the PLB for the year 2021-22 can be paid to eligible employees by October 20, 2022.

Other terms and conditions for PLB

Along with all regular employees in Group C and Group B (not listed), EPFO ​​employees who had been in service for less than one year during the relevant financial year will also be entitled to the advance on the PLB on a proportional basis, provided they are in service for at least six months during the 2021-22 financial year.

Employees who earn more than Rs 7,000 per month will be eligible for a PLB advance at the allowable rate for those earning a salary of Rs 7,000 per month.

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