Pl. let me know for sure if the cap on pay of Rs 21000 for eligibility of an employee for entitlement to Statutory Bonus in terms of Payment of Bonus (amendment) Act of 2015, since subsumed under new Code on Wages, 2019 remain unchanged at Rs 21000 as on date.
Similarly, if cap on amount of Statutory Bonus at Rs 7000 in terms of same PBAct, amended, 2015 repealed and replaced by the new Code on Wages, 2019, remain unchanged at Rs 7000 as on date. Thank you for the opportunity to know.
From India, Chennai
Similarly, if cap on amount of Statutory Bonus at Rs 7000 in terms of same PBAct, amended, 2015 repealed and replaced by the new Code on Wages, 2019, remain unchanged at Rs 7000 as on date. Thank you for the opportunity to know.
From India, Chennai
The New Code has not been enforced so far but the Code of Wages under which the matters connected with the payment of Bonus are mentioned provides for the same as are available in the Payment of Bonus Act and as such, the ceiling of Rs 21000 for entitlement of bonus and Rs 7000 and the statutory minimum wages or Rs 7000 whichever is high for calculation of bonus will continue to be in force until an amendment takes place in payment of Bonus Act or Code of Wages.
From India, Kannur
4249From India, Kannur
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.
BONUS CEILING LIMIT APPROVED.pdf
Amendment to Payment of Bonus Act 2015.jpg