The Employees Provident Fund Organisation (EPFO) employees have received a big bonanza ahead of Diwali. EPFO has decided to give 60 days bonus to all Group 'B' and Group 'C' employees for the financial year 2018-19.
The Ministry of Labour had already issued a notification in this regard. According to the notification, all Group 'B' and Group 'C' (non-gazetted) employees will get 60 days bonus under the productivity linked bonus (PLB) scheme for the financial year 2018-19.
The bonus of 60 days has been assessed on the basis of information submitted by the zonal offices, it said.
As per the notification, the EPFO employees will get 30.4 days, which means around Rs 7,000 in the monetary terms. However, the amount may vary for different category employees. The formula for deciding the bonus of EPFO employees is (Average Emoluments X Number of days)/30.4.
Commenting on the development, RK Verma, Convenor at State Employees Joint Council said, "Calculation of the EPFO bonus is the same as it in case of other government employees except for the number of days."
He further stated that only 25 per cent of the productivity linked bonus amount will be credited to the employee's salary account while the remaining 75 per cent will be saved into the PF account of the employees.
Last month, the EPFO had announced that the rate of interest on Employees' provident fund (EPF) has been increased to 8.65% for the financial year 2018-19. After the notification, Rs 54,000 crore would be credited into accounts of 6 crore account holders as interest under the newly approved rate for 2018-19.
Edited by Chitranjan Kumar