Gazette Notificaation, dated 01.01.2016 on Bonus Amendment Act, 2015 , with enhance wage/ salary and bonus limit is attched, is attched herewith.
Members may like to download the Gazette Notification for their reference and use. The Bonus Amemdment Act, 2015 hs been made effective retrospectively with effect from 01.04.2014.
From India, Delhi
387Members may like to download the Gazette Notification for their reference and use. The Bonus Amemdment Act, 2015 hs been made effective retrospectively with effect from 01.04.2014.
From India, Delhi
Dear Ramakanth,
Ethically speaking, the employees who left the organisation and were entitled/ paid bonus at existing and wage rates/ceiling are also entitled to the arrears of 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 confusion in drawing the arrears of bonus. Moreover, as of commercial accounting and statutory audit point of view for the organisation, the amount of unclaimed arrears of bonus have necessarily to be shown as liability in the books of accounts of the organisation in order to arrive at the true results of the profit and loss of the organisation to appear in the annual audited accounts.
From India, Delhi
Ethically speaking, the employees who left the organisation and were entitled/ paid bonus at existing and wage rates/ceiling are also entitled to the arrears of 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 confusion in drawing the arrears of bonus. Moreover, as of commercial accounting and statutory audit point of view for the organisation, the amount of unclaimed arrears of bonus have necessarily to be shown as liability in the books of accounts of the organisation in order to arrive at the true results of the profit and loss of the organisation to appear in the annual audited accounts.
From India, Delhi
Hello Sir,
Will you please guide me about latest amendment of Bonus Act 2015. We have paid Ex-gretia to all our employees @ 20% on 3500/- for year 2014-15.
My question is, do we have to make difference payment to all employees for year 2014-15 @ 20% ?
Thank you in advance
Sagar
From India, Pune
Will you please guide me about latest amendment of Bonus Act 2015. We have paid Ex-gretia to all our employees @ 20% on 3500/- for year 2014-15.
My question is, do we have to make difference payment to all employees for year 2014-15 @ 20% ?
Thank you in advance
Sagar
From India, Pune
Dear Sagar,
Your question is not clear, whether ex-gratia payment was made in the name of bonus or otherwise. If paid ex-gratia bonus, the amount should not be less than that prescribed in the amendment act. If paid less than the enacted sum of bonus (as is evident) with reference to the revised wages, you will have to pay difference.
From India, Delhi
Your question is not clear, whether ex-gratia payment was made in the name of bonus or otherwise. If paid ex-gratia bonus, the amount should not be less than that prescribed in the amendment act. If paid less than the enacted sum of bonus (as is evident) with reference to the revised wages, you will have to pay difference.
From India, Delhi
Mr. Bittu,
Can you please quote the source of your information? Also, do you feel anyone can get benefitted by such type of basless rumour on your part, if you cannot interpret the enacted law properly? Better go through the Act, if not already seen.
By making such a baseless tatement, do you mean to say, an Act duly ppassed by both the houses and assented by the Hon. President of India is wrong and only you and the source of your information is correct?
From India, Delhi
Can you please quote the source of your information? Also, do you feel anyone can get benefitted by such type of basless rumour on your part, if you cannot interpret the enacted law properly? Better go through the Act, if not already seen.
By making such a baseless tatement, do you mean to say, an Act duly ppassed by both the houses and assented by the Hon. President of India is wrong and only you and the source of your information is correct?
From India, Delhi
Dear Sir,
Thank you very much for your guidance. Yes Ex-gretia was paid in the name of Bonus of Rs 8400/- to all existing as well as left employee for year 2014-15.
Therefore as per amendment Company will have to make the payment of difference amount (16800-8400) of Rs 8400/- to all employees.
Am I correct?
Regards
Sagar Aphale
From India, Pune
Thank you very much for your guidance. Yes Ex-gretia was paid in the name of Bonus of Rs 8400/- to all existing as well as left employee for year 2014-15.
Therefore as per amendment Company will have to make the payment of difference amount (16800-8400) of Rs 8400/- to all employees.
Am I correct?
Regards
Sagar Aphale
From India, Pune
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Amendment to Payment of Bonus Act 2015.jpg
Payment of Bonus Amendment Bill, 2015.pdf