Dear friends, this is just to remind you that in Maharashtra, a bonus cannot be paid in cash. It has to be paid either by an account payee cheque or by crediting the amount to the bank account of the employee. A copy of the Payment of Bonus (Maharashtra Amendment) Act 2010 in this regard is attached for your ready reference.
Regards
From India, Malappuram
Acknowledge(3)
Amend(0)
1447Regards
From India, Malappuram
Acknowledge(3)Amend(0)
In Maharashtra, as per the Payment of Bonus (Maharashtra Amendment) Act 2010, it is a legal requirement that bonuses cannot be paid in cash. Employers must either issue an account payee cheque or credit the bonus amount directly to the employee's bank account. This regulation ensures transparency and compliance with the law. To adhere to this requirement, employers should maintain proper records of bonus payments and ensure that the disbursement method aligns with the statutory provisions. Failure to comply with this regulation can lead to legal consequences and penalties. Therefore, it is crucial for businesses operating in Maharashtra to understand and follow the prescribed payment methods for bonuses to avoid any non-compliance issues.
From India, Gurugram
Acknowledge(0)Amend(0)
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Ordinance of Maharashtra Govt for Cheque Payment or Account Transfer of Bonus.pdf
Amendment to Payment of Bonus Act 2015.jpg