In a significant move to support its workforce, the Employees’ Provident Fund Organization (EPFO) has approved an advance payment of the Productivity Linked Bonus (PLB) for eligible Group C and Group B (Non-Gazetted) employees for the fiscal year 2023-24.
This advance aims to provide timely financial assistance and is equal to 60 days’ wages.
“It has been decided by the Competent Authority to grant an advance against the Productivity Linked Bonus admissible for the eligible Group C and Group B (Non-Gazetted) employees of the Employees’ Provident Fund Organization for the year 2023-24,” the EPFO said in an order.
The Competent Authority has authorized an advance payment of Rs 13,816 against the Productivity Linked Bonus for eligible Group C and Group B (Non-Gazetted) employees for 2023-24.
The retirement fund body said in the order that each eligible employee must submit a signed undertaking stating that this advance will be adjusted against their PLB for the year, and any excess amount will be refunded promptly.
This advance, it said, is not available to employees who have already retired from the EPFO. Payments should be made before October 11, 2024, and the total number of employees receiving this advance, along with the amounts disbursed, must be reported to the office. The costs for these advances will be charged to the “Productivity Linked Bonus” budget.
“The payment of the advance is subject to the condition that an undertaking (in the enclosed Performa) to the effect that “the advance will be adjusted against the PLB due for the year 2023-24 and any excess payment made towards PLB for the year 2023-24 would be refunded forthwith,” shall be submitted by each eligible employee. The payment of advance is subject to the same terms and conditions that are applicable to the grant of PLB and are appended,” the EPFO order said.