New Delhi: The Modi government at the Center has given a big gift to employees of the Employees Provident Fund Organization (EPFO) before Diwali. For the financial year 2018-19, 60 days Diwali bonus will be given to the 'B' and 'C' category employees of EPFO. The Ministry of Labor has issued a notification in this regard.
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As per this notification, all employees of Group B and Group C will be provided a 60-day bonus under the Productivity Linked Bonus (PLB) scheme. According to information received from EPFO sources, on average, each employee will be given a bonus of Rs 7,000. 25 percent of the productivity linked bonus will be directly credited to the salary account of the employee, while the remaining 75 percent will be deposited in his PF account.
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Let us tell you that before this, the government has increased the interest rate on PF by 0.10 percent for the financial year 2018-19, giving relief to all employees. This means that the government is going to pay 8.65 percent interest on the PF of the last financial year. Earlier this interest was available at the rate of 8.55 percent. According to the new rate, the interest of the new rate will be passed on to their PF account before about 6 crore employees before Diwali.
