The Employees' Provident Fund Organisation (EPFO) has given a big bonanza to its employees ahead of Diwali. EPFO has decided to give 60 days of productivity-linked bonus (PLB) to all Group 'C' and Group 'B' (non-gazetted) employees of EPFO for the financial year 2018-19, according to a notification.
The bonus of 60 days has been assessed on the basis of information submitted by the zonal offices, the notification said.
The terms and conditions governing the payment of bonus will be as per the instructions and other terms and conditions issued by the Ministry of Finance, the notification said.
The formula for deciding the bonus of EPFO employees is (Average Emoluments X Number of days)/30.4*. (* stands for average number of days in a month).
In another news, EPFO has started the process of crediting interest to provident fund accounts. Several PF account holders have already received interest credit of 8.65% for the financial year 2018-19. The total interest outgo for EPFO comes to around ₹54,000 crore.
Earlier this year, the EPFO's (Employees' Provident Fund Organisation) apex decision-making body Central Board of Trustees, headed by the Labour Minister, had decided to raise the interest rate on EPF to 8.65% for the year 2018-19, the first increase in the past three years.