The Employees’ Provident Fund Organisation (EPFO) has announced an advance payment of the Productivity Linked Bonus (PLB) for eligible employees for the fiscal year 2023-24. This initiative aims to provide financial support to the organisation’s Group ‘C’ and Group ‘B’ (Non-gazetted) employees.
The bonus, equivalent to 60 days’ wages, will amount to Rs 13,816 for eligible employees. This advance payment is a part of the Productivity Linked Bonus scheme and will be adjusted later against the PLB.
Who will get Bonus?
Eligible Employees:
- Regular employees in Group ‘C’ and Group ‘B’ (Non-gazetted) are entitled to the advance, whether they are on temporary or permanent contracts.
- Employees who were in service on the last day of March 2024 and employed on a pro-rata basis qualify for the payment.
Ineligible Employees:
- Casual, contract, and extra-departmental employees do not qualify for the bonus.
- Retired employees of the EPFO are not eligible for this advance.
Employees who were in service for less than a year but have worked at least six months during the relevant fiscal year (2023-24) are eligible for a proportionate payment of the bonus.
Employees who draw a monthly wage of Rs 7,000 or more will receive the advance at the rate applicable to those earning Rs 7,000 per month.
To receive the advance payment, employees must sign an undertaking stating that the advance will be adjusted against the PLB. Any excess amount paid must be refunded promptly. The advance is expected to be disbursed by October 11, 2024.
Employees who were on extraordinary leave (EOL) or half-pay leave (HPL) during March will receive the bonus based on the pay and allowances they would have been entitled to if they were not on leave.
