Photoelectric effect energy relation:
\[ eV_s = hu - \phi \]
Here, $eV_s$ denotes the stopping potential energy, $hu$ represents the incident photon energy, and $\phi$ is the work function.
Given: Incident photon energy $hu = 2.48 \, \text{eV}$, Stopping potential $V_s = 0.5 \, \text{V}.$
Substituting the given values:
\[ 0.5 = 2.48 - \phi \]
Solving for the work function:
\[ \phi = 2.48 - 0.5 = 1.98 \, \text{eV}. \]
The work function of the material is $\phi = 1.98 \, \text{eV}.$