Central government There is good news for employees. The government has announced Diwali bonus for its employees. Let us inform you that the Expenditure Department of the Ministry of Finance has announced to provide non-productivity related bonuses (Ad hoc bonus) for the financial year 2023-24. In this case, a bonus equivalent to the central employee’s remuneration for 30 days will be awarded. The order states that eligible employees include Group ‘C’ and Group ‘B’ employees who are not registered and 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 bonus benefits
This bonus will also be applicable to personnel of central paramilitary forces and armed forces as well as employees of Union Territories following the salary structure of the Central Government. To be eligible to receive the bonus, employees must be on duty by March 31, 2024 and must have completed at least six months of continuous service during the year. Employees who have served less than a full year will receive a prorated bonus based on the number of months worked.
How to calculate the bonus amount?
The bonus amount will be calculated by dividing the average salary by 30.4, then multiplying by 30 days. For example, if an employee’s monthly salary is Rs 7,000, the bonus will be approximately Rs 6,908. Freelancers who have worked at least 240 days in a year for three consecutive years are also eligible for this bonus, which is calculated on the basis of Rs 1,200 per month.
Latest Business News
