Diwali Bonus Alert! Money In The Bank For EPFO Employees (Photo Credit: Representational Image)
The Employees Provident Fund Organisation or EPFO has announced big bonus to its employees on this Diwali. EPFO has decided to give 60 days bonus to all Group B and Group C EPFO employees, as stated in the circular issued by the Ministry of Labour.
As per the circular, all Group B and Group C employees of the EPFO will get 60 days bonus under the Productivity Linked Bonus Scheme for the financial year 2018-19.
According to the Ministry of Labour circular order, the Group B and Group C employees of the EPFO will get 30.4 days.
In clear sense, the EPFO employees will get around Rs 7,000 and the amount may vary for different category employees.
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 said that the formula for deciding the bonus of EPFO employees is (Average Emoluments X Number of days)/30.4."
He also stated that only 25 per cent of the Productivity Linked Bonus amount will be credited to the salary account while the remaining 75 per cent will be deposited into the PF account of EPFO employees.