The Employees’ Provident Fund Organization (EPFO) has announced an advance payment of the Productivity Linked Bonus (PLB) for eligible employees for the year 2023-24.
Advance against productivity linked bonus
The Competent Authority has announced that for the year 2023–2024, an advance of Rs. 13,816 against the Productivity Linked Bonus will be paid to the eligible serving Group C and Group B (Non-Gazetted) employees of Employees’ Provident Fund Organization. This amount is equivalent to 60 (sixty) days’ wages.
Who is not eligible
The payment of advance is subject to the same terms and conditions that apply to the grant of PLB, which are appended. However, advances are not permitted for personnel who have already retired from the EPFO.
When will it be paid
The advance can be paid in full by October 11, 2024, by notifying to the office. The number of such employees and the amount disbursed may also be intimated.
Who are eligible for advance
According to the EPFO circular dated October 8, 2024, “Terms and conditions for payment of advance against Productivity Linked Bonus to the employees of the Employees’ Provident Fund Organization for the year 2023-24.
- All regular employees of Group ‘C’ and Group “B” (Non- Gazetted) whether temporary or permanent shall be eligible for the advance against Productivity Linked Bonus provided they were in service on pro rata basis, and also on the last day in March of the relevant financial year i.e. 2023-24. Casual/contract/extra departmental employees shall not be eligible for any Bonus.
- The employees who were in service for less than one year during the relevant financial year shall be allowed the advance against PLB on proportionate basis, provided they were in service for at least six months during the financial year 2023-24.
- The employees drawing monthly wages of more than Rs. 7,000/- shall been entitled to the advance against PLB at the rate admissible to those drawing wages of Rs. 7,000/- per month.
- The employees who happen to be on extraordinary or half pay leave during the month of March will be paid the advance against PLB based on the pay and allowances that would have been payable but for their being on EOL, HPL etc.”
Productivity linked bonuses to railway employees
Last month, the Union Cabinet approved the payment of productivity linked bonuses (PLB) to railway employees in an attempt to reward and encourage the workforce for their exceptional work. The payment of PLB acts as an incentive to motivate the railway employees to work towards improvement in the performance of the Railways, stated a Press Information Bureau press stated last week.Dearness Allowance
The central government is expected to announce an increase in the dearness allowance (DA) and dearness relief (DR) for government soon.
