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Payment of Bonus (Amendment) Act

Written By Admin on Thursday, 14 January 2016 | Thursday, January 14, 2016

The Payment of Bonus (Amendment) Act, 2015 has been notified. Among other matters, it contains the following amendments:

The scope of coverage has been extended by revising the salary ceiling from existing INR 10,000/- to INR 21,000/- per month. 
The salary limit capped for the purpose of calculating bonus has also been revised from existing INR 3,500/- to 7,000/- per month or the minimum wage for the schedule employment, as fixed by the appropriate Government, whichever is higher. 

These amendments will be deemed to have come into force with retrospective effect from 1 April 2014 

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