Dear all,
We are in the process of making bonus payments for the fiscal year 2005-06. I would like to know if the recent announcement in the bonus act is applicable to us when making these payments. Your views on this matter would be greatly appreciated to help us conclude the bonus payment process.
Looking forward to your support.
Gaurang
From India, Vadodara
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3We are in the process of making bonus payments for the fiscal year 2005-06. I would like to know if the recent announcement in the bonus act is applicable to us when making these payments. Your views on this matter would be greatly appreciated to help us conclude the bonus payment process.
Looking forward to your support.
Gaurang
From India, Vadodara
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Hello,
Is there a slip up?
You would have paid a bonus for the FY 2005-2006 by the end of November 2006.
You should now be worried whether the likely amendment to the Payment of Bonus Act will be applicable for the bonus payable in respect of FY 2006-2007, which is due by the end of November 2007.
Having said that, kindly note the following:
1) What we have today is "news" and not an amendment.
2) The November session of parliament is expected to actually amend the act. If that does not happen for any reason whatsoever, then the government may promulgate an "ordinance" to bring the intended amendments into operation, and the amendment of the act may follow in due time thereafter.
3) However, whether the "amendment" or the "ordinance," the following points need to be clearly stated:
a) The Effective Date:
b) The coverage limit: (in place of the present Rs. 3500/- B+DA, will it go to Rs. 10000/- or any other figure.)
c) What will be the figure corresponding to the present Rs. 2500/- as the maximum amount of B+DA on which the bonus will need to be paid.
d) Whether the "minimum" and "maximum" limits to bonus will be revised!
e) Any other matter the government may be contemplating tinkering with—especially keeping in view the proximity to the general election, even if the government completes the full term.
Unless the gazette notification is available, an opinion will amount to hazarding a guess!
Kindly be patient and act only after the amendment becomes a legal reality!!!!
Regards,
Samvedan
October 15, 2007
From India, Pune
Acknowledge(0)Amend(0)
Is there a slip up?
You would have paid a bonus for the FY 2005-2006 by the end of November 2006.
You should now be worried whether the likely amendment to the Payment of Bonus Act will be applicable for the bonus payable in respect of FY 2006-2007, which is due by the end of November 2007.
Having said that, kindly note the following:
1) What we have today is "news" and not an amendment.
2) The November session of parliament is expected to actually amend the act. If that does not happen for any reason whatsoever, then the government may promulgate an "ordinance" to bring the intended amendments into operation, and the amendment of the act may follow in due time thereafter.
3) However, whether the "amendment" or the "ordinance," the following points need to be clearly stated:
a) The Effective Date:
b) The coverage limit: (in place of the present Rs. 3500/- B+DA, will it go to Rs. 10000/- or any other figure.)
c) What will be the figure corresponding to the present Rs. 2500/- as the maximum amount of B+DA on which the bonus will need to be paid.
d) Whether the "minimum" and "maximum" limits to bonus will be revised!
e) Any other matter the government may be contemplating tinkering with—especially keeping in view the proximity to the general election, even if the government completes the full term.
Unless the gazette notification is available, an opinion will amount to hazarding a guess!
Kindly be patient and act only after the amendment becomes a legal reality!!!!
Regards,
Samvedan
October 15, 2007
From India, Pune
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Amendment to Payment of Bonus Act 2015.jpg
Payment of Bonus Act Amendment.pdf