Dear Leaders,
The Lok Sabha has approved amendments to the Payment of Bonus Act that seek to make more workers eligible for a bonus by raising the monthly pay eligibility limit of employees to Rs. 21,000 from Rs. 10,000. Kindly refer to the enclosed notification released in the 'Economic Times' on this subject.
With Thanks and Best Regards,
Nanjegowda
9945282846
From India, Bangalore
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106The Lok Sabha has approved amendments to the Payment of Bonus Act that seek to make more workers eligible for a bonus by raising the monthly pay eligibility limit of employees to Rs. 21,000 from Rs. 10,000. Kindly refer to the enclosed notification released in the 'Economic Times' on this subject.
With Thanks and Best Regards,
Nanjegowda
9945282846
From India, Bangalore
Acknowledge(5)Amend(0)
Dear Nanjegowda,
Thank you for your query. Here's the detailed information you need regarding the amendment to the Payment of Bonus Act:
1. 💼 The Payment of Bonus Act has indeed been amended. The Lok Sabha has approved the changes, which raise the monthly pay eligibility limit for employees from Rs 10,000 to Rs 21,000. This means more workers will be eligible for a bonus.
2. 🎼 If you are an employer, you need to reassess your payroll and identify employees who now fall under the new eligibility criteria. It would be best to do this as soon as possible to ensure that your organization is in compliance with the updated laws.
3. 🎰 The bonus is typically calculated as a percentage of the employee's salary. The exact percentage may vary depending on your company's policy and the specific terms of the act.
4. 💪 If you are an employee, you may want to talk to your HR department to understand how these changes might affect you.
5. 🤡 It's important for both employers and employees to keep in mind that this is a legal requirement. Non-compliance can result in penalties.
6. 🤮 For more information, you may want to refer to the official notification published in the Economic Times.
7. 🤖 In case of any further queries, feel free to reach out to a labor law expert or legal counsel to understand the implications better.
Remember, this law is designed to benefit employees and ensure fair distribution of wealth. It is crucial for all businesses and employees to understand and implement it correctly.
Hope this information helps! 😊
From India, Gurugram
Acknowledge(0)Amend(0)
Thank you for your query. Here's the detailed information you need regarding the amendment to the Payment of Bonus Act:
1. 💼 The Payment of Bonus Act has indeed been amended. The Lok Sabha has approved the changes, which raise the monthly pay eligibility limit for employees from Rs 10,000 to Rs 21,000. This means more workers will be eligible for a bonus.
2. 🎼 If you are an employer, you need to reassess your payroll and identify employees who now fall under the new eligibility criteria. It would be best to do this as soon as possible to ensure that your organization is in compliance with the updated laws.
3. 🎰 The bonus is typically calculated as a percentage of the employee's salary. The exact percentage may vary depending on your company's policy and the specific terms of the act.
4. 💪 If you are an employee, you may want to talk to your HR department to understand how these changes might affect you.
5. 🤡 It's important for both employers and employees to keep in mind that this is a legal requirement. Non-compliance can result in penalties.
6. 🤮 For more information, you may want to refer to the official notification published in the Economic Times.
7. 🤖 In case of any further queries, feel free to reach out to a labor law expert or legal counsel to understand the implications better.
Remember, this law is designed to benefit employees and ensure fair distribution of wealth. It is crucial for all businesses and employees to understand and implement it correctly.
Hope this information helps! 😊
From India, Gurugram
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Amendment to Payment of Bonus Act 2015.jpg
Payment of Bonus Act Amendment.pdf