Dear all
We are in process for the payment of Bonus for the FY 2005- 06, i would like to know that does recent announcement in bonus act applicable to us in case when we are making payment for bonus for FY 2005 - 06 ?
requesting you all to share your view and help in concluding the Bonus Payment.
Looking forward for your support
Gaurang
From India, Vadodara
3We are in process for the payment of Bonus for the FY 2005- 06, i would like to know that does recent announcement in bonus act applicable to us in case when we are making payment for bonus for FY 2005 - 06 ?
requesting you all to share your view and help in concluding the Bonus Payment.
Looking forward for your support
Gaurang
From India, Vadodara
Hello,
Is there a slip up?
You would have paid Bonus for the FY 2005-2006 by end November 2006.
You should now be worried whether the likely amendment to the Payment of Bonus Act will be applicable for Bonus payable in respect of FY 2006-2007 which is due latest by end November 2007
Having said that, kindly note the following.
1) What we have have today is "news" and NOT an amendment.
2) The November session of the parliament is expecting 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 amends in operation and the amendement of the act may follow in due time thereafter.
3) Howsoever, 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 present Rs. 3500/- B+DA will it go to Rs. 10000/- or any other figure.)
c) What will be the figure corresponding to present Rs. 2500/- as the maximum amount of B+DA on which 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 to tinker with-especially keeping in view the proximity to general election even if the government completes the full term.
Unless the gazzette 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
Is there a slip up?
You would have paid Bonus for the FY 2005-2006 by end November 2006.
You should now be worried whether the likely amendment to the Payment of Bonus Act will be applicable for Bonus payable in respect of FY 2006-2007 which is due latest by end November 2007
Having said that, kindly note the following.
1) What we have have today is "news" and NOT an amendment.
2) The November session of the parliament is expecting 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 amends in operation and the amendement of the act may follow in due time thereafter.
3) Howsoever, 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 present Rs. 3500/- B+DA will it go to Rs. 10000/- or any other figure.)
c) What will be the figure corresponding to present Rs. 2500/- as the maximum amount of B+DA on which 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 to tinker with-especially keeping in view the proximity to general election even if the government completes the full term.
Unless the gazzette 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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Bigger bonuses for more as Lok Sabha amends Payment of Bonus Act - The Economic Times.pdf
THE PAYMENT OF BONUS ACT.doc