New Delhi: The Employees’ Provident Fund Organisation (EPFO) has announced festive cheer for its employees ahead of Diwali. 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.
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“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) employees of Employees Provident Fund Organization for the year 2021-22,” the statutory body said.
The EPFO further noted 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.
Eligibility criteria to receive PLB
According to the EPFO, all 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.
However, casual/contract/extra departmental employees will not be eligible for the bonus.
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PLB calculation
An eligible employee will receive the productivity-linked bonus calculated as per the formula: Average emoluments x number of days of bonus/30.4.
PLB advance payment date
The EPFO said that the advance amount against the PLB for the year 2021-22 may be paid to the eligible employees by October 20, 2022.
Other terms and conditions for PLB
Along with all regular Group C and Group B (non-gazetted) employees, 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.
Employees who are earning over Rs 7,000 monthly will be eligible for advance against PLB at the rate admissible to those drawing wages of Rs 7,000 per month.
