EPFO Announces Productivity Linked Bonus for Eligible Employees for 2023-24 Ahead of Diwali; Check Details

Good news ahead of Diwali for employees belonging to the Employees Provident Fund Organization (EPFO). EPFO has announced a bonus for eligible employees under advance payment of the Productivity Linked Bonus (PLB). This bonus will be equal to two months' salary (60 days' wages). 

In a statement, the association said that Group C and Group B employees working with the Employees Provident Fund Association will be given Productivity-Linked Bouns. In September, the Union Cabinet approved the payment of PLB to railway employees.

Who Is Not Eligible for PLB?

People who have already retired from the Public Provident Fund Organization (EPFO) will not be given a Productivity-Linked bonus (PLB). Additionally, casual/contractual/extra departmental employees are not eligible for bonuses.

According to the circular issued by EPFO ​​regarding the bonuses these people will receive, "Certain terms and conditions have been given for advance payment of productivity-linked bonus for the year 2023-24 to employees of Employees Provident Fund Organization. Group C and Group B (Non-Gazetted). All regular employees who have been in service for less than one year in the financial year 2023-24 will also benefit from this scheme.

Also Read | CIDCO Lottery 2024: Online Registration of Mega Housing Scheme of 26,502 Tenements in Navi Mumbai To Begin at 11 AM Today.

Employees earning monthly wages of more than Rs 7,000 shall be eligible to the advance against PLB at the rate admissible to those drawing wages of Rs 7,000 per month. EPFO employees who happen to be on extraordinary or half-pay leave during the month of 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.