Payment of bonus (amendment) bill 2015 as passed

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)   (8229 Points)

24 December 2015  

Friends,

Pl find attached Payment of Bonus (Amendment) Bill 2015 as passed by Lok Sabha on 22.12.2015.  The Bill provides for following amendments:

  1. Eligibility limit for payment of bonus increased from Rs.10,000 to Rs.21,000
  2. Calculation ceiling increased from Rs.3,500 p.m. to Rs.7,000 p.m.

The  amendments have been made effective retrospectively from 1st April 2014.  Hence we will have to work out differential liability for 2014-15 and make payment accordingly.

Thanks