People working in the organized sectors of India have a PF account. PF account holders get many benefits from the Employees’ Provident Fund Organisation (EPFO), which very few people are aware of. Apart from pension and insurance, to avail many benefits like bonus, just a few conditions have to be fulfilled. One of them is the additional bonus available on the retirement of the employee.
The amount of the additional bonus can be up to 50 thousand rupees. Although some rules have been set to get it, it will be necessary to fulfill them.
Here are certain conditions to get EPFO additional bonus
- It is necessary to deposit money in PF account for 20 years
EPFO gives the amount of Additional Bonus to any employee through loyalty cum life benefit. PF account holders who have deposited money in their account for the last 20 years get its benefit.
- How is the additional bonus determined?
If you look at the rules related to Additional Bonus, then the amount is decided according to the basic salary. The PF account holders whose basic salary is up to Rs 5 thousand will get an additional bonus of up to Rs 30 thousand on retirement. So at the same time, the salaried people who get basic salary from 5 thousand to 10 thousand get an additional bonus of up to 40 thousand rupees. At the same time, those whose basic salary is more than 10 thousand rupees will get an additional bonus of 50 thousand.
- There is no compulsion of 20 years for these PF account holders
Employees who become completely disabled before 20 years are exempted from this condition. Additional bonus is given to such employees on retirement. However, the rules for deciding the amount for additional bonus remain the same. That is, their bonus is decided according to the basic salary.