Section.32 of the Payment of Bonus Act 1965 contains a list of employees/establishments to which the Bonus Act is not applicable.Sub-section(i) of section 32 was amended by the Insurance Amendment Act 62 of 1968.Prior to the amendment, the subsection (i) to Sec.32 excluded the employees employed by both the general insurance companies and the Life Insurance Corporation of India from the applicability of the Act.
However the Amending Act of 62 of 1965 removed the employees employed by the general insurance companies from the excluded list and retained only the employees employed by LIC. It means the Bonus Act with effect from the date of amendment became applicable to the employees of general insurance company.
I would like to know the date from which the Insurance Amendment Act 62 of 1968 came into effect and if possible a copy of the Gazette notification may also be provided.
From India, Mumbai
1899However the Amending Act of 62 of 1965 removed the employees employed by the general insurance companies from the excluded list and retained only the employees employed by LIC. It means the Bonus Act with effect from the date of amendment became applicable to the employees of general insurance company.
I would like to know the date from which the Insurance Amendment Act 62 of 1968 came into effect and if possible a copy of the Gazette notification may also be provided.
From India, Mumbai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc