Before Diwali, the Employees' Provident Fund Organization (EPFO) declared festive joy for its staff. In a formal statement dated October 19, the social security organization stated that it will provide a productivity-linked bonus (PLB) to all of its Group "C" and Group "B" (non-gazetted) employees.
Employees who qualify for this incentive will receive PLB equal to 60 days' worth of earnings, up to a maximum of Rs 13,806.
According to the document, "Approval of the Competent Authority for Grant of Advance Against the Productivity Linked Bonus for the Eligible Group C and Group B (Non-Gazetted) Employees of Employees' Provident Fund Organization for the Year 2021-22 is Conveyed Herewith against the Productivity Linked Bonus equal to 60 (Sixty) Days' Wages Subject to the Maximum of Rs 13,806 to the Eligible Group C and Group B (Non-G Gazetted) employees of Employees Provident Fund Organization for the year 2021-22,” the statutory body said.
The EPFO also stated that the advance payment is contingent upon the assurance that "the advance will be adjusted against the PLB owing for the year 2021–2022 and any excess payment identified towards PLB for the year 2021–2022 would be returned."
Eligibility Criteria:
All regular Group C and Group B (non-gazetted) employees, whether temporary or permanent, will be entitled to receive the bonus if they were in service on a pro-rata basis and also on the final day of March 2021–2022, according to the EPFO.
However, casual, contract, and additional departmental employees are not qualified for the incentive.
PLB Calculation:
The productivity-linked bonus will be paid to a qualified employee according to the formula: Average pay x Bonus Days / 30.4.
PLB Advance Payment Job:
According to the EPFO, the qualifying employees may get their advance payment against the PLB for the fiscal year 2021–2022 by October 20, 2022.
Terms and Conditions for PLB:
All regular Group C and Group B (non-gazetted) employees will also be permitted the advance against the PLB on a proportionate basis, as well EPFO employees who were in service for less than a year during the relevant financial year, provided they were in service for at least six months during the financial year 2021–22.
The rate applicable to individuals drawing earnings of Rs 7,000 or less per month will apply to employees earning more than that amount.
