Good News For EPFO Employees! Set to Receive Rs 13,816 Advance Payment – See If You’re Eligible Or Not

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The Employee’s Provident Fund Organisation has announced an advance payment of productivity linked bonus (PLB) for eligible employees for the fiscal year 2023-24. This move will support their workforce from Group ‘C’ and Group ‘B’ (Non-gazetted) employees. The bonus is equivalent to 60 days’ wages which amounts to Rs 13,816 against the PLB.

Also Read– EPFO announces Productivity Linked Bonus for eligible employees; check who can take advance on PLB

The EPFO said in the announcement that the Competent Authority has authorized an advance against the “Productivity Linked Bonus admissible for the eligible Group ‘C’ and Group ‘B’ (Non-gazetted) employees of the Employees’ Provident Fund Organisation for the year 2023-24”. The advance payment is not eligible for the retired EPFO personnel.

To be eligible for the payment, the retirement fund body has stated that a signed undertaking is necessary stating that this advance is going to be adjusted against the PLB for the year. Any outstanding excess amount is to be refunded swiftly. By notifying the office, the advance can be paid by October 11, 2024.

Also Read– EPFO members can secure nearly Rs 10,000 pension under EPS despite Rs 15,000 current wage limit – Here’s how!

Who Can Take Advance On PLB?

All regular employees in Group ‘C’ and Group ‘B’ (Non-Gazetted), whether temporary or permanent, are entitled to receive an advance against the Productivity Linked Bonus, provided they were employed on a pro-rata basis and were still in service on the last day of March of the relevant financial year (2023-24). Casual, contract or extra-departmental employees are not eligible for any bonus. Also, employees who were employed for less than a year are eligible to receive a proportionate advance payment against the PLB, the condition being that they have been employed in the service for at least 6 months in the relevant year.

Read More: Latest GPF interest rate: What is the General Provident Fund interest rate for October–December 2024 quarter

Employees who are drawing a monthly wage of Rs 7,000 or above are also entitled to the advances at the rate permissible to the employees drawing a monthly salary of Rs 7,000. Employees who are on extraordinary leave (EOL) or half-pay leave (HPL) during the month of March will receive the advance against the Productivity Linked Bonus based on the pay and allowances they would have been entitled to if they were not on such leave, said the EPFO circular issued on October 8, 2024.

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