Good news for EPFO ​​employees! Ready to receive an advance payment of Rs 13,816 – See if you are eligible or not

Productivity Bonus for EPFO ​​Employees – Check Eligibility Criteria and Bonus Amount

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The Employees’ Provident Fund has announced advance payment of Productivity Linked Bonus (PLB) for eligible employees for the financial year 2023-24. This decision will support their workforce among Group “C” and Group “B” (unpublished) employees. The bonus is equivalent to 60 days of salary, or Rs 13,816 compared to the PLB.

THE EPFO said in the announcement that the competent authority has authorized an advance on the ‘eligible productivity linked bonus for eligible employees of Group ‘C’ and Group ‘B’ (ungazetted) of the fund organization employee pension plan for the year 2023-24. “. The installment is not eligible for retired EPFO ​​staff.

To be able to benefit from the payment, the pension organization has indicated that a signed commitment is necessary stipulating that this advance will be charged to the PLB of the year. Any unpaid excess amount must be repaid promptly. By notifying the office, the advance can be paid before October 11, 2024.

Who can benefit from an advance on PLB?

All regular employees of Group “C” and Group “B” (unclassified), whether temporary or permanent, are entitled to an advance on the productivity bonus, provided that they have been employed in the pro rata and that they are still in activity. service on the last day of March of the relevant financial year (2023-24). Casual, contractual or extra-departmental employees are not eligible for any bonus. Additionally, employees who have been employed for less than a year are entitled to a proportionate advance on the PLB, provided that they have been employed in the service for at least 6 months during the relevant year.

Employees who receive a monthly salary of Rs 7,000 or more are also entitled to advances at the rate authorized for employees who receive a monthly salary of Rs 7,000. Employees on extraordinary leave (EOL) or on half-pay leave ( HPL) during the month of March will receive the advance on the bonus linked to productivity based on the remuneration and allowances to which they would have been entitled if they had not been on leave. , specifies the EPFO ​​circular of October 8, 2024.