Amendment to the Payment of Bonus Act, 1965
Dear Mr. T S Shankar Deepa, The Payment of Bonus (Amendment) Act, 2015 received the assent of the President on 31st December 2015. The Amendment Act shall be deemed to have come into force on 01st April, 2014 i.e. with retrospective effect. The major changes brought in by the amendment are as follows: Existing position Amendments Impact Employees eligible for bonus As per Section 2(13) of the Act, ‘employee’ means a person (other than apprentice) employed on salary or wages not exceeding INR 10,000 per month. The limit of INR 10,000 per month is increased to INR 21,000 per month. More number of employees brought into the ambit of...
Continue reading