Please let me know for sure if the cap on pay of Rs 21,000 for eligibility of an employee for entitlement to Statutory Bonus in terms of the Payment of Bonus (Amendment) Act of 2015, since subsumed under the new Code on Wages, 2019, remains unchanged at Rs 21,000 as of the date.
Similarly, if the cap on the amount of Statutory Bonus at Rs 7,000 in terms of the same PB Act, amended in 2015, repealed and replaced by the new Code on Wages, 2019, remains unchanged at Rs 7,000 as of the date. Thank you for the opportunity to know.
From India, Chennai
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Similarly, if the cap on the amount of Statutory Bonus at Rs 7,000 in terms of the same PB Act, amended in 2015, repealed and replaced by the new Code on Wages, 2019, remains unchanged at Rs 7,000 as of the date. Thank you for the opportunity to know.
From India, Chennai
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The new Code has not been enforced so far, but the Code of Wages, under which the matters connected with the payment of bonus are mentioned, provides for the same provisions as available in the Payment of Bonus Act. Therefore, the ceiling of Rs 21,000 for entitlement of bonus and Rs 7,000 as the statutory minimum wages, or Rs 7,000, whichever is higher, for the calculation of bonus will continue to be in force until an amendment takes place in the Payment of Bonus Act or Code of Wages.
From India, Kannur
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4526From India, Kannur
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Amendment to Payment of Bonus Act 2015.jpg
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc