Gazette Notification, dated 01.01.2016, on Bonus Amendment Act, 2015, with enhanced wage/salary and bonus limit is attached herewith.
Members may like to download the Gazette Notification for their reference and use. The Bonus Amendment Act, 2015 has been made effective retrospectively with effect from 01.04.2014.
From India, Delhi
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422Members may like to download the Gazette Notification for their reference and use. The Bonus Amendment Act, 2015 has been made effective retrospectively with effect from 01.04.2014.
From India, Delhi
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Prepare a statement for the due bonus with reference to the enhanced limits of wages as well as the bonus rate. Deduct the amount of bonus already drawn in order to arrive at the difference to be paid to the individual employees.
From India, Delhi
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From India, Delhi
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Dear Ramakanth,
Ethically speaking, the employees who left the organization and were entitled/paid a bonus at existing wage rates/ceiling are also entitled to the arrears of the bonus. As a sincere executive, you must keep calculations ready and draw the same for the purpose of disbursement, as later on stray claim cases from individual to individual may waste a lot of time and cause confusion in drawing the arrears of the bonus. Moreover, from a commercial accounting and statutory audit point of view for the organization, the amount of unclaimed arrears of the bonus has to be shown as a liability in the books of accounts of the organization to arrive at the true results of the profit and loss of the organization to appear in the annual audited accounts.
From India, Delhi
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Ethically speaking, the employees who left the organization and were entitled/paid a bonus at existing wage rates/ceiling are also entitled to the arrears of the bonus. As a sincere executive, you must keep calculations ready and draw the same for the purpose of disbursement, as later on stray claim cases from individual to individual may waste a lot of time and cause confusion in drawing the arrears of the bonus. Moreover, from a commercial accounting and statutory audit point of view for the organization, the amount of unclaimed arrears of the bonus has to be shown as a liability in the books of accounts of the organization to arrive at the true results of the profit and loss of the organization to appear in the annual audited accounts.
From India, Delhi
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Hello, Sir,
Could you please guide me on the latest amendment to the Bonus Act 2015? We have paid Ex-gratia to all our employees at 20% on 3500/- for the year 2014-15.
My question is, do we need to make a differential payment to all employees for the year 2014-15 at 20%?
Thank you in advance.
Sagar
From India, Pune
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Could you please guide me on the latest amendment to the Bonus Act 2015? We have paid Ex-gratia to all our employees at 20% on 3500/- for the year 2014-15.
My question is, do we need to make a differential payment to all employees for the year 2014-15 at 20%?
Thank you in advance.
Sagar
From India, Pune
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Dear Sagar,
Your question is not clear, whether ex-gratia payment was made in the name of a bonus or otherwise. If paid as ex-gratia bonus, the amount should not be less than that prescribed in the amendment act. If paid less than the enacted sum of the bonus (as is evident) with reference to the revised wages, you will have to pay the difference.
From India, Delhi
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Your question is not clear, whether ex-gratia payment was made in the name of a bonus or otherwise. If paid as ex-gratia bonus, the amount should not be less than that prescribed in the amendment act. If paid less than the enacted sum of the bonus (as is evident) with reference to the revised wages, you will have to pay the difference.
From India, Delhi
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Hi All of You, with respect to above query of bonus effective from 2014. It came to know that 2014 was by mistake and it will effective from 2015. Kindly focus on the issue please.......
From India, Nagpur
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From India, Nagpur
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Mr. Bittu,
Can you please quote the source of your information? Also, do you feel anyone can benefit from such a baseless rumor on your part if you cannot interpret the enacted law properly? Better go through the Act if you have not already seen it.
By making such a baseless statement, do you mean to suggest that an Act duly passed by both houses and assented to by the Honorable President of India is wrong, and only you and your source of information are correct?
From India, Delhi
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Can you please quote the source of your information? Also, do you feel anyone can benefit from such a baseless rumor on your part if you cannot interpret the enacted law properly? Better go through the Act if you have not already seen it.
By making such a baseless statement, do you mean to suggest that an Act duly passed by both houses and assented to by the Honorable President of India is wrong, and only you and your source of information are correct?
From India, Delhi
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Dear Sir,
Thank you very much for your guidance. Yes, Ex-gratia was paid in the name of a bonus of Rs 8400/- to all existing as well as former employees for the year 2014-15. Therefore, as per the amendment, the company will have to make a payment of the difference amount (16800-8400) of Rs 8400/- to all employees. Am I correct?
Regards,
Sagar Aphale
From India, Pune
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Thank you very much for your guidance. Yes, Ex-gratia was paid in the name of a bonus of Rs 8400/- to all existing as well as former employees for the year 2014-15. Therefore, as per the amendment, the company will have to make a payment of the difference amount (16800-8400) of Rs 8400/- to all employees. Am I correct?
Regards,
Sagar Aphale
From India, Pune
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Dear Sagar,
You have not made it clear on another issue - whether the bonus is being paid by your company to all employees irrespective of the prescribed wage limit or to the employees falling within the prescribed wage limit.
From India, Delhi
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You have not made it clear on another issue - whether the bonus is being paid by your company to all employees irrespective of the prescribed wage limit or to the employees falling within the prescribed wage limit.
From India, Delhi
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