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By :
siddharth
C.A.
[ Scorecard : 155]
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ON : 10/4/2007 12:54:26 PM
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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
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By :
Ravikumar
Audit Manager
[ Scorecard : 12140]
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ON : 10/4/2007 1:47:01 PM
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The date which is not yet decided. It will be decided only coming on November2007 Parliament session.
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By :
siddharth
C.A.
[ Scorecard : 155]
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ON : 10/4/2007 2:21:06 PM
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Hi Ravi,
Is our opinion is based on Section 38(3) of the Payment of Bonus Act,1965 which provided that "Every rule made under this section shall be laid as soon as may be after it is made, before each House of Parliament while it is in session for a total period of thirty days, which may be comprised in one session [or in two or more successive sessions], and if before the expiry of the session [immediately following the session or the successive sessions aforesaid], both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule".
Pls confirm.
So the amendment approved by cabinet will not have effect unless approved by the Parliament.
Thanks in advance
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By :
Ravikumar
Audit Manager
[ Scorecard : 12140]
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ON : 10/4/2007 4:24:59 PM
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Obviously there is no doubt. They will give effect retrospectively.
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By :
siddharth
C.A.
[ Scorecard : 155]
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ON : 10/4/2007 5:37:30 PM
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Hi Ravi,
But in the press release they have not mentioned whether it will be with retrospective or prospective effect
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By :
S.Muthuganesan (Guest)
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ON : 10/6/2007 10:08:35 AM
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If an employee resigned and relieved on 20.9.07, kindly confirm whether we have to pay minimum bonus till 20.9.07 along with settlement.
regards,
S.Muthuganesan
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By :
brajkishorverma (Guest)
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ON : 10/24/2007 5:57:04 PM
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pl sent to noti.of bonus
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By :
lalit papnoi (Guest)
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ON : 10/25/2007 9:22:27 AM
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Please let me know the effective date of amendement in Payment of Bonus Act,on 1st October 2007.
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By :
jayesh patel (Guest)
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ON : 10/25/2007 6:41:18 PM
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Pl give me date of emplimentetion of Bonus limit
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By :
jayesh patel (Guest)
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ON : 10/25/2007 6:44:02 PM
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please send us Bonus rule & regulation
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By :
jk (Guest)
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ON : 10/25/2007 6:46:35 PM
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please send us bonus act and his rules & regulation if Gujarati version
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By :
sangram (Guest)
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ON : 10/26/2007 11:16:14 AM
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Dear Sir;
please let me clarify the effective date of the ammendment to the Payment of bonus act,1965,whether it is from the last financial year i.e 2006-07 or from the current financial year i.e 2007-08.
regards.
sangram
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By :
dkmishra (Guest)
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ON : 10/27/2007 1:24:21 PM
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please let me clarify the effective date of the ammendment to the Payment of bonus act,1965,whether it is from the last financial year i.e 2006-07 or from the current financial year i.e 2007-08.
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By :
pradeep kumar (Guest)
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ON : 10/27/2007 1:27:34 PM
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please let me clarify the effective date of the ammendment to the Payment of bonus act,1965,whether it is from the last financial year i.e 2006-07 or from the current financial year i.e 2007-08.
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By :
Harish (Guest)
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ON : 10/29/2007 1:18:21 PM
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Is Bonus lowest limit has increased upto 3500 from 2500
Best regards
thanks in advance
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By :
Shivam Sharma (Guest)
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ON : 10/30/2007 2:09:13 PM
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Please tell me the actual effictive date of amendments to the payment of Bonus Act.
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By :
VINOD PHAYADE (Guest)
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ON : 10/30/2007 6:40:26 PM
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Please email the latest notification of payment of bonus amendemet. Limit raised from Rs.3500 to 10000, Please let me know the position.
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By :
vvngupta (Guest)
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ON : 10/31/2007 12:22:34 PM
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the payment of bonus (amendment) ordinance, 2007 effective date is from 01-04-2006. vide the gazette of india no.50 dt.27.10.2007.
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By :
vvngupta (Guest)
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ON : 10/31/2007 12:43:39 PM
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Monday, October 29, 2007
Ministry of Labour & Employment
PRESS NOTE
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19:10 IST
On 27th October, 2007 the President has promulgated the Payment of Bonus (Amendment) ordinance, 2007 containing the following amendments:-
i) Amendment to clause (13) of Section 2 of the Payment of Bonus Act, 1965 to raise the eligibility limit for payment of bonus from the salary or wage of Rs. 3500/- per month to Rs. 10000/- per month.
ii) Amendment to section 12 of the Payment of Bonus Act, 1965 to raise the ceiling for calculation purpose from the salary or wage of Rs. 2500/- per month to Rs. 3500/- per month;
iii) Deletion of clause (vi) of section 32 of the Payment of Bonus Act, 1965 so as to cover the employees employed through contractors on building operations.
Thus the employees, including those employed through contractors on building operations will be entitled to receive bonus as per the revised ceilings, for the year 2006-07 and onwards.
The Ordinance shall be deemed to have come into force on 1st April, 2006.
Ministry of Labour & Employment New Delhi, Kartika 07, 1929/October 29, 2007
VBA:NR:LK:29/10/07
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By :
Vaibhavi (Guest)
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ON : 11/1/2007 3:54:29 PM
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our bonus this year was given and taken back and the company claimed that as per the recent amendments in the labour bonus act the same will be given to us next year and no bonus this year. i write in to seek your advice on this. please advice if this is correct.
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