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Payment of bonus (amendment) bill 2015 as passed

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)

24 December 2015

Friends,

Pl find attached Payment of Bonus (Amendment) Bill 2015 as passed by Lok Sabha on 22.12.2015. The Bill provides for following amendments:

Eligibility limit for payment of bonus increased from Rs.10,000 to Rs.21,000
Calculation ceiling increased from Rs.3,500 p.m. to Rs.7,000 p.m.

The amendments have been made effective retrospectively from 1st April 2014. Hence we will have to work out differential liability for 2014-15 and make payment accordingly.

Thanks

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5 Replies

ANANTHA MURTHY YR (Manager - A&F) (30 Points)
Replied 05 January 2016

Dear Sir

As statutory due, any timelimit for payment

Anantha Murthy

CA Sanjay Assudani (Assistant Manager - Risk management and Internal Audit) (280 Points)
Replied 05 January 2016

Thanks for the information !!! It is really very helpful !!!

SIDDHARTH CHIRANIA (SR. EXECUTIVE- F & A) (26 Points)
Replied 21 January 2016

Dear Sir, I have worked in limited company at Bellary district, Karnataka from 14-Mar-2011 to 4-Dec-2015. I had mail conversation with my company H.R Department for disbursement of bonus FY 2014-15 & FY 2015-16. I have submitted the gazette notification to company through mail. HR department had conveyed that they have not received new bonus amendment act cited above from government authorities. So, they cannot disburse the bonus amount FY 2014-15 & FY 2015-16. Please note that my Basic Salary is Rs.13,200/-. As per latest government notification I am eligible for bonus for FY 2014-15 & FY 2015-16. The company is intentionally delaying the bonus payment without any logical reasons. I request your kindself to review the same & advise. Encl:- Bonus Gazette notification enclosed.

Read more at: /forum/bonus-act-discrepancy-347046.asp

Attached File : 745394 20160121185304 bonus gazette notification.pdf downloaded: 141 times

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 29 January 2016

Kerala High Court has stayed retrospective amendment of Payment of Bonus Act. Copy of court order is attached.

Thanks

Attached File : 9367 20160129100611 kerala hc stays retrospective amdmt of bonus act.jpg downloaded: 173 times

रवि बिष्ट (1 Points)
Replied 22 March 2016

Hi Sir,

There is little confusion i am having about wages/salary. What is the actual meaning of wages as per the act. Is it only Basic+Da or includes other components also.

Regards,

Ravinder