In a Diwali bonanza, Ministry of Finance has given its nod for Non Productivity Linked Bonus for central government employees for the year 2023-24. This is an extra 30 days pay, given out in an attempt to help employees through the holiday seasons.
Bonus Details and Eligibility
The bonus announcement was made on October 10, 2024, and it applies to persons serving in Group ‘C’ and non-gazetted employees in Group ‘B’ who are not enjoying anybody productivity based bonus or pay package. The computation to be used to determine the bonus will use a utmost amount and that is ₹7000 per month.
The service providers must have served as of the last day of the previous year, that is, the 31st of March in the year 2024 and must have been in service for a term not less than six months during that year.
Employees that have served in the organization for less than a year will have their bonus calculated for having worked for that number of months. Furthermore, the bonus will be granted for personnel in all Central Para Military Forces and Armed Forces and employees in the Union Territories under the pay level of the central government.
How the Bonus is Calculated
The bonus is then arrived at by the division of the average monthly emoluments by 30.4 then multiplied by 30 days. For example if the employee’s basic wage is ₹7,000 then the bonus amount would be nearly ₹6,908. Other categories will include casual workers who should have served the company for at least 240 days over 3 consecutive years with the bonus amount being arrived at by taking ₹ 1200 per month.
Financial Consequence and Outcome
The use of this bonus will have to be within the budget envelopes approved for each ministry and department. All the payments will be made up to the nearest rupee to avoid any calculations errors that can resulting from rounding off.
