The key changes in the Payment of Bonus (Amendment) Act 2015 are as follows:
1. Effective April 1, 2014. This change is retrospective.
2. The eligible salary (basic) is now up to Rs. 21,000 per month.
3. The bonus calculation ceiling limit has been revised to Rs. 7,000 per month or the minimum wages for the scheduled employment, as fixed by the appropriate government, whichever is higher.
From India, Delhi
Acknowledge(0)
Amend(0)
301. Effective April 1, 2014. This change is retrospective.
2. The eligible salary (basic) is now up to Rs. 21,000 per month.
3. The bonus calculation ceiling limit has been revised to Rs. 7,000 per month or the minimum wages for the scheduled employment, as fixed by the appropriate government, whichever is higher.
From India, Delhi
Acknowledge(0)Amend(0)
Dear Sir,
According to the Bill, it shall be deemed to have come into force on the 1st day of April 2015. However, in the Act, I found the effective date as 1st April 2014.
Which is the effective date of The Payment of Bonus (Amendment) Act 2015? Please clarify for me.
From India, Chennai
Acknowledge(0)Amend(0)
According to the Bill, it shall be deemed to have come into force on the 1st day of April 2015. However, in the Act, I found the effective date as 1st April 2014.
Which is the effective date of The Payment of Bonus (Amendment) Act 2015? Please clarify for me.
From India, Chennai
Acknowledge(0)Amend(0)
The effective date is from 01APR14, i.e., the bonus for the year ending 31MAR15 needed to be calculated on the revised ceiling. I am sure that the bonus for 2014-15 has already been paid by all the employers within the stipulated 8 months, i.e., by Nov15 itself, and hence this notification is creating a situation to revisit all the calculations and pay the difference. Other views are solicited.
From India, Delhi
Acknowledge(0)Amend(0)
From India, Delhi
Acknowledge(0)Amend(0)
Hi, I worked in the company until Aug '2014 in Mohali (Punjab), and my salary was less than 21,000/-. As per the amendment, I am eligible to get my bonus. However, the employer is saying, "As per law, there is no bonus due to you." Could you please guide me if I am really not eligible to get a bonus? Kindly advise. Thank you.
From India, undefined
Acknowledge(0)Amend(0)
From India, undefined
Acknowledge(0)Amend(0)
Hi,
How are organizations managing this extra cost when they just had increments? Moreover, is there a stay on retrospective payment of bonus? Ref- http://www.business-standard.com/article/economy-policy/kerala-high-court-issues-interim-stay-on-retrospective-amendment-of-bonus-act-116020100785_1.html
Thank you.
From India, New Delhi
Acknowledge(0)Amend(0)
How are organizations managing this extra cost when they just had increments? Moreover, is there a stay on retrospective payment of bonus? Ref- http://www.business-standard.com/article/economy-policy/kerala-high-court-issues-interim-stay-on-retrospective-amendment-of-bonus-act-116020100785_1.html
Thank you.
From India, New Delhi
Acknowledge(0)Amend(0)
Dear Rajesh,
As per the Bonus Act, salary is Basic + DA. Therefore, if the employee's salary (Basic + DA) is below 21,000/-, they are eligible for a bonus. However, if the salary exceeds 21,000/-, then the employee is not entitled to a bonus. It depends on the employer whether they choose to pay a bonus or not.
Regards, Vipin Singh H.R. Officer & Recruiter Kou-Chan Knowledge Convergence Pvt. Ltd. Mobile: 9923570399
From India, Mumbai
Acknowledge(0)Amend(0)
As per the Bonus Act, salary is Basic + DA. Therefore, if the employee's salary (Basic + DA) is below 21,000/-, they are eligible for a bonus. However, if the salary exceeds 21,000/-, then the employee is not entitled to a bonus. It depends on the employer whether they choose to pay a bonus or not.
Regards, Vipin Singh H.R. Officer & Recruiter Kou-Chan Knowledge Convergence Pvt. Ltd. Mobile: 9923570399
From India, Mumbai
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.