EPFO employees alert! Know your Diwali PLB bonus, here's how to calculate it

EPFO latest news: The Employees' Provident Fund Organisation (EPFO) announced a big Diwali gift for all employees in October. The EPFO decided to provide 60 days of the productivity-linked bonus (PLB) to all Group 'C' and Group 'B' (non-gazetted) employees of EPFO for the financial year 2018-19, according to official notification. The notification said that a bonus of 60 days has been assessed on the basis of information submitted by the zonal offices. The payment of bonus will be according to the instructions and other terms and conditions under the guidelines of the Ministry of Finance.

Here's how to calculate your productivity-linked bonus (PLB):

The formula for calculating the bonus of EPFO employees: (Average Emoluments X Number of days)/30.4* (Where * denotes the average number of days in a month).

Recently, the EPFO has also started crediting interest to provident fund account holders. The various PF account holders have already credited with their interest of 8.65% for the financial year 2018-19. Meanwhile, the total interest burden for EPFO after this decision has become Rs 54,000 crore.

In 2019 earlier, the Central Board of Trustees, headed by the Labour Minister, which is a decision-making body of EPFO decided to increase the interest rate on EPF to 8.65% for the year 2018-19. However, this raise in the interest rate was first one in last three years.