New Delhi: In a major update for EPFO employees, the pension fund operator has announced an advance payment of Rs 13,816 for certain staffers. The payment is part of the employees’ productivity linked bonus (PLB). The amount equals a 60-day wage for non-gazetted group B and C workers, according to the report.
EPFO announced the advance payment in an official notification. The PLB is applicable to group B and C employees for the fiscal year 2023-24.
Who is eligible for EPFO PLB?
EPFO PLB eligibility will be based on a signed undertaking which states that the advance payment will be acceptable against the PLB for FY24. The advance date was fixed on October 11, 2024. Further, the undetraking states that any excess payment will be duly refunded to the body.
Who can take PLB advance?
Group B and C EPFo employees can avail of the advance payment on their productivity linked bonus (PLB). The employees must have been in service on the last day of March 20224. They must have been employed on a pro-rata basis until march 31, 2204.
Casual, contractual, and extra-departmental staffers will not be eligible for this bonus advance. Staffers who were employed for less than a year but for at least 6 months are eligible to receive the PLB advance. Staffers employed ta a wage of Rs 7,000 per month will receive a PLB advance proportionate to their wage.
The EPFO circular states that employees on extraodinary leave or half pay leave in March will receive advance on PLB based on the rules of payment and allowances that apply to them if they were not on leave. Retired employees are not eligible for advance payments. The expenditure for this advance will be debited from PLB, according to the Employees” Provident Fund Organisation. The cap on the 60-day wage is set at Rs 14,000, according to the EPFO notification.
EPFO bonus advance: The Employees Provident Fund of India has announced an advance payment of Rs 13,816 for eligible staffers Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
