New Delhi, October 16: Ahead of Diwali, the Employees' Provident Fund Organisation (EPFO) has decided to put a smile on the face of its Group C and Group B employees, as the competent authority aims to compensate for their good work done during the preceding year while motivating further to do better for the current years.
EPFO has announced to give 60 days of productivity-linked bonus (PLB) to all Group 'C' and Group 'B' (non-gazetted) employees of EPFO for the financial year 2018-19, according to the circular dated 9 October, 2019. The bonus of 60 days has been assessed on the basis of data/information submitted by the zonal offices, it said.
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The competent authority further said that the terms and conditions governing payments of PLB will be as per the instructions and other terms and conditions issued by the Ministry of Finance. EPFO has fixed the quantum of bonus for deciding PLB as per a formula (Average Emoluments X Number of days)/30.4*. (* stands for average number of days in a month).
The decision comes about a month after Labour Minister Santosh Gangwar announced to increase the interest rate for EPFO subscribers for 2018-2019, from 8.55 per cent to 8.65 per cent. Some reports claim that employees have already started getting their bonus with revised interest rate deposited in their PF accounts, which, however, can be sought through EPFO’s website, or by using apps such as UMANG.
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