The government has launched an amendment on bonuses and provided for the Payment of Bonus (Amendment) Act, 2015.
Overview of the Payment of Bonus (Amendment) Act, 2015
1. This Act may be called the Payment of Bonus (Amendment) Act, 2015.
2. It shall be deemed to have come into force on the 1st day of April 2014.
Key Amendments in the Principal Act
In section 2 of the Payment of Bonus Act, 1965 (hereinafter referred to as the principal Act), in clause (13), for the words "ten thousand rupees," the words "twenty-one thousand rupees" shall be substituted.
In section 12 of the principal Act, (i) for the words "three thousand and five hundred rupees" at both the places where they occur, the words "seven thousand rupees" or the minimum wage for the scheduled employment, as fixed by the appropriate Government, whichever is higher shall respectively be substituted.
From India, Hosur
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Overview of the Payment of Bonus (Amendment) Act, 2015
1. This Act may be called the Payment of Bonus (Amendment) Act, 2015.
2. It shall be deemed to have come into force on the 1st day of April 2014.
Key Amendments in the Principal Act
In section 2 of the Payment of Bonus Act, 1965 (hereinafter referred to as the principal Act), in clause (13), for the words "ten thousand rupees," the words "twenty-one thousand rupees" shall be substituted.
In section 12 of the principal Act, (i) for the words "three thousand and five hundred rupees" at both the places where they occur, the words "seven thousand rupees" or the minimum wage for the scheduled employment, as fixed by the appropriate Government, whichever is higher shall respectively be substituted.
From India, Hosur
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The Payment of Bonus (Amendment) Act, 2015 introduced significant changes impacting bonus calculations and payments. The key amendments include raising the threshold for bonus calculation from ten thousand rupees to twenty-one thousand rupees. Additionally, the Act now stipulates that for section 12 of the principal Act, the amount has been revised from "three thousand and five hundred rupees" to "seven thousand rupees" or the minimum wage for the scheduled employment, as determined by the appropriate Government, whichever is higher. These adjustments aim to enhance bonus benefits for employees and ensure fair compensation practices in line with current economic standards. Employers need to review and update their bonus structures accordingly to comply with the amended regulations.
From India, Gurugram
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Payment of Bonus (Amendment) Act 2015.pdf