Friends,
Please find attached the Payment of Bonus (Amendment) Act 2015 as notified in the Official Gazette. The following amendments have been made in the Act:
1. The eligibility limit for the payment of bonus has been increased from Rs. 10,000 to Rs. 21,000.
2. The calculation ceiling has been increased from Rs. 3,500 per month to Rs. 7,000 per month.
These amendments have been made effective retrospectively from April 1, 2014. Therefore, we will need to calculate the differential liability for 2014-15 and make payments accordingly.
Thank you.
Please find attached the Payment of Bonus (Amendment) Act 2015 as notified in the Official Gazette. The following amendments have been made in the Act:
1. The eligibility limit for the payment of bonus has been increased from Rs. 10,000 to Rs. 21,000.
2. The calculation ceiling has been increased from Rs. 3,500 per month to Rs. 7,000 per month.
These amendments have been made effective retrospectively from April 1, 2014. Therefore, we will need to calculate the differential liability for 2014-15 and make payments accordingly.
Thank you.
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