diwali bonus
There is good news for central government employees. The government has announced Diwali bonus for its employees. Let us tell you that the Department of Expenditure of the Finance Ministry has announced to give non-productivity linked bonus (Ad hoc bonus) for the financial year 2023-24. Under this, a bonus equal to 30 days’ remuneration of central employees will be given. The order said eligible employees include Group ‘C’ and Group ‘B’ non-gazetted employees who are not part of any productivity linked bonus scheme. The maximum monthly salary used to calculate the bonus has been set at Rs 7,000.
They will also get the benefit of bonus
This bonus will also be applicable to personnel of central paramilitary forces and armed forces as well as employees of Union Territories following the pay structure of the Central Government. To qualify for the bonus, employees must be in service by March 31, 2024 and must have completed at least six months of continuous service during the year. Employees who have served for less than a full year will receive a prorated bonus based on the number of months worked.
How is the bonus amount calculated?
The bonus amount will be calculated by dividing the average emoluments by 30.4, then multiplying it by 30 days. For example, if an employee’s monthly salary is Rs 7,000, their bonus will be approximately Rs 6,908. Casual laborers who work for at least 240 days in a year for three consecutive years will also be eligible for this bonus, which will be calculated on the basis of Rs 1,200 per month.
Latest Business News
