The non-gazetted employees (belonging to Groups B and C) of the Employees’ Provident Fund Organisation (EPFO), will receive a 60 days’ productivity-linked Diwali bonus. While only 25 per cent of the amount will be credited to their salary account, the rest will go into their PF account as savings.
These terms and conditions for paying the bonus have been decided as per the directives issued by the Ministry of Finance.
The assessment to decide the bonus has been done on the basis of the data and information provided by the zonal office. And the EPFO bonus has been calculated in a manner similar to that followed for other government departments. However, the number of days is different. The following is how the bonus has been calculated: (average emoluments X number of days)/30.4.
On an average, the employees will get about Rs 7000 for 30.4 days, with 30.4 being the average number of days in a month.
Recently, the EPFO had announced an increase in the rate of interest on Employees’ Provident Fund (EPF) for the financial year 2018-19, to 8.65 per cent. This increase has happened for the first time in the past three years. The process of crediting the amount to provident fund accounts has already begun. As a result, more than Rs 50,000 crore will be disbursed to about six crore members in the form of interest as per the hiked rate for the financial year 2018-19.