Amendments to the payment of Bonus Act, 1965

siddharth (C.A.) (175 Points)

04 October 2007  

Hi,

 

The Cabinet has approved the Amendments to the payment of Bonus Act, 1965, which are as follows:-

  • Eligibility limit for payment of bonus to the employee earning salary or wage has been enhanced from Rs. 3,500/- per month to Rs.10,000/- per month.
  • Ceiling for purpose of calculation of bonus to the employee earning salary or wage has been enhanced from Rs. 2,500/- per month to Rs.3,500/- per month.
  • Employees employed through contractor on building operations will now be covered under The Payment of Bonus Act, 1965

         Please let me know the what is the effective date of the above amendment.

Thanks in advance