Payment of wages and fringe benefits act 390 of 1978 an. The act provides for the annual payment of bonus to employees of certain establishments including factories and. The payment of bonus act, 1965 has been amended and called as the payment of. Karnataka high court stays retrospective operation of the payment of bonus amendment act 2015 feb 10, 2016 members will recall on 27th january,2016 the intimation by the chamber on its website of an interim stay order granted by the honourable kerala high court on the retrospective applicability of the above amendment from april1st,2014. The payment of bonus amendment act, 2015 corporate law. Revenue and other legislation amendment bill 2016 explanatory notes short title the short title of the bill is the revenue and other legislation amendment bill 2016 the bill. Be it enacted by parliament in the sixtysixth year of the republic of india as.
Jun 16, 2016 this bill was passed by the lok sabha upper house on 22 december 2015 with one amendment by which the date of operation of the amendment act was advanced from 1 april 2015 as provided in. This would mean that the employees who have already been paid a bonus for the financial year 201415, would now become eligible for arrears. The court was hearing a writ petition wpl15482016 filed by tech mahindra. Amendment in payment of bonus act linkedin slideshare. An act to regulate the time and manner of payment of wages and fringe benefits to.
The payment of bonus amendment bill, 2015 was introduced in lok sabha by the minister of state for labour and employment, mr. Whereas a draft of the payment of bonus amendment rules, 2016, further to amend the payment of bonus rules, 1975, which the central government proposes to make in exercise of the powers conferred by section 38 of the payment of bonus act, 1965 21 of 1965, was published, as required by subsection 1 of the said section 38, in the. The payment of bonus amendment act, 2015 lawyers law. The amendment was proposed to be made effective from. Payment of bonus act amendment gazette notification central. The payment of bonus amendment act, 2015 employment and.
The official amendment provides that the benefits of the act would be deemed to have come into force on april 1, 2014, instead of april 1, 2015. Dec 23, 2015 payment of bonus amendment bill 2015 has been passed by parliament the payment of bonus amendment bill, 2015 was introduced in lok sabha by the minister of state for labour and employment, mr. Be it enacted by parliament in the sixtysixth year of the republic of india as follows. The negotiable instruments amendment bill, 2015 the union cabinet introduced the negotiable instruments amendment bill, 2015 amendment bill in the lok sabha on may 6, 2015 which was passed on may, 2015. May 10, 2016 the payment of bonus amendment bill, 2015 was introduced in the lok sabha house of people of the indian parliament on december 7, 2015. The lok sabha has passed the payment of bonus amendment bill, 2015 to allow doubling of wage ceiling for calculating bonus of factory workers and establishments with 20 or more workers. Window displays not to constitute occupation in certain.
Since the amendments are retrospective, it would impact the distribution of bonus in relation to the financial year 2014 15 as well. The payment of bonus amendment act 2015 notification. The bill seeks to amend the payment of bonus act, 1965 and was introduced in lok sabha by the minister of state mos for labour and employment. Revenue and other legislation amendment bill 2016 explanatory. The bill seeks to amend the payment of bonus act, 1965. As per amended act more workers eligible for bonus due to raising of monthly maximum pay limit. Jun 14, 2016 yesterday, the bombay high courts vm kanade and ms sonak jj passed an ad interim order staying the retrospective operation of the payment of bonus amendment act, 2015 amendment act. Payment of bonus amendment bill 2015 has been passed by parliament the payment of bonus amendment bill, 2015 was introduced in lok sabha by the minister of state for labour and employment, mr.
Employers will have to pay employees that fall between the rs. In september, 2015, shri bandaru dattatreya, the minister of state for labour and employment took on record the 12 demands put forth by. Of course, it is a good news for the entire working class that payment of bonus amendment bill 2015 to increase the bonus calculation ceiling and. Payment of bonus amendment act, 2015 employment and hr. Stay of retrospective effect of the payment of bonus. The payment of bonus act, 1965 what is human resource. The payment of bonus amendment act, 2015 amendment act, received presidential assent on 31 december 2015. Analysis of amendments to the payment of bonus act vantage asia. Eligibility wage ceiling increased under the provisions of the previous act, an employee was eligible to receiving statutory bonus if he had worked for at least 30 days in an accounting year and drew a salary of rs. Section 162 of the division of revenue act, 2016, requires national. Agrawal for posting the copy of the passed bill for the awareness of one and all. Additional rate in respect of large retail hereditaments for the years ending on 31st march 20, 31st march 2014 and 31st march 2015 2.
The australian labor party supports the bill, while noting certain concerns about the way the government has approached schedule 2. Yesterday, the bombay high courts vm kanade and ms sonak jj passed an ad interim order staying the retrospective operation of the payment of bonus amendment act, 2015 amendment act. The employees who draw a salary between inr 10,000 and inr 20, 999 per month would be eligible for bonus starting from the financial year 2014 2015 due to the retrospective nature of the amendment. The 2015 adjustment appropriation bill provided for increases or decreases to allocations set out in the main appropriation act, including shifts in the projected economic classification of that spending whereas the main purpose of the 2015 division of revenue amendment bill was to amend column a of the division of revenue act which. The act provides for the annual payment of bonus to employees of certain establishments including factories and establishments employing 20 or more persons. A bill for an act to amend the law relating to taxation, and for related purposes. Bonus amendment act, 2015, vide gazette notification no.
The payment of bonus amendment act, 2015 on 31 december 2015 the president gave his assent to certain amendments to the payment of bonus act, 1965 and the notification was published in official gazette on 01. Rates amendment bill as amended at further consideration stage contents 1. The salient features of the payment of bonus amendment act 2015 is as follows. Therefore, most companies would have already determined the allocable surplus for the financial year 2014 15 i. Payment of bonus amendment bill 2015 as passed pdf. The employees eligibility limit enhanced from salary of rs. Temporary rebate for certain previously unoccupied hereditaments etc. The payment of bonus amendment act, 1977 43 of 1977 as amended by the payment of bonus amendment act, 1978 48 of 1978 and the payment. Now more employees under the eligibility of the bonus act. Amendment in payment of bonus act 2015 and increase in salary. Key amendments by the payment of bonus amendment act, 2015.
Income tax assessment act 1997 to ensure that investors who invest through an interposed trust are able to access the capital gain concessions provided by the tax incentives for early stage investors and venture capital investment measures. Explanatory memorandum, treasury laws amendment 2016 measures no. The payment of bonus amendment act, 2015 had received assent of the president of india on 31 december 2015. Whereas a draft of the payment of bonus amendment rules, 2016, further to amend the payment of bonus rules, 1975, which the central government proposes to make in exercise of the powers conferred by section 38 of the payment of bonus act, 1965 21 of 1965, was published, as required by subsection 1 of the said section 38, in. The amendments have increased the wage threshold for determining applicability of the act from inr 10,000 to inr 21,000 per month. Dattatreya meioned that the companies have closed their account ooks for the year 2014 2015 on 31st march, 2015. The payment of bonus amendment bill, 2015 was introduced in the lok sabha house of people of the indian parliament on december 7, 2015. This bill was passed by the lok sabha upper house on 22 december 2015 with one amendment by which the date of operation of the amendment act. The employees who draw a salary between inr 10,000 and inr 20, 999 per month would be eligible for bonus starting from the financial year 20142015 due to the retrospective nature of the amendment.
Annexures to the bill together with the tabling of the division of revenue amendment bill, national treasury also submits to parliament proposed changes to gazetted conditional grant frameworks and allocations. The payment of bonus amendment bill, 2015 a bill further to amend the payment of bonus act, 1965. Introduction of the division of revenue bill, the national budget and the appropriation bill 7. Payment of bonus act amendment gazette notification.
The payment of bonus amendment bill, 2015 prsindia. Jan, 2016 therefore, most companies would have already determined the allocable surplus for the financial year 2014 15 i. Jan 04, 2016 vide notification dated 1st january, 2016 issued by the government of india, the payment of bonus act, 1965, has been amended to increase the wage ceiling in section 2 of the act, from rs. Bill further to amend the payment of bonus act, 1965. An act further to amend the payment of bonus act, 1965. Jun 30, 2016 the salient features of the payment of bonus amendment act 2015 is as follows. For creation of bureau of workers and unemployment. The payment of bonus amendment act, 1976 23 of 1976. Dam safety and water supply enhancement and other legislation amendment bill 2012. Now reopening the account books and enhancing the amount of bonus. The said amendment act provides for changes in the eligibility limit and calculation of bonus of the employees. The amendment bill primarily seeks to redress difficulties expressed by. The amendment act provides for major changes in the eligibility limit and calculation of bonus of employees under the payment of bonus act, 1965 pba.
Lok sabha passes the payment of bonus amendment bill, 2015. The payment of bonus amendment bill, 2015 received the assent of the president on 31. The payment of bonus second amendment act, 1973 55 of 1973. Bombay high court stays the retrospective operation of the. Karnataka high court stays retrospective operation of the. Policy objectives and the reasons for them amendments to revenue legislation the bill amends queenslands revenue legislation to protect the states revenue, give. The present enactment, namely, the payment of bonus amendment act of 2015 act no.
The principal act provides for the mandatory annual payment of bonus to eligible employees of establishments which employ 20 or more. Division of revenue amendment bill as introduced in the national assembly proposed section 76. Payment of bonus act amendment gazette notification order. Dec 31, 2015 the payment of bonus amendment act 2015 notification. Payment of bonus amendment bill 2015 has been passed by. Friends, pl find attached payment of bonus amendment bill 2015 introduced in lok sabha on 7. Payment of bonus act amendment gazette notification on. Analysis of amendments to the payment of bonus act vantage. Policy position of nongovernment partiesindependents. Jan 06, 2016 the payment of bonus amendment bill, 2015 received the assent of the president on 31. The negotiable instruments amendment bill, 2015 bill.
May 18, 2017 amendment has raised this ceiling to rs. The parliament has passed the amendment to the payment of bonus act and the act has received the assent of the president on the 31st december 2015. The eligibility of payment of bonus to employees has been increased from drawn salary of. Dec 23, 2015 the lok sabha has passed the payment of bonus amendment bill, 2015 to allow doubling of wage ceiling for calculating bonus of factory workers and establishments with 20 or more workers. Dattatreya meioned that the companies have closed their account ooks for the year 20142015 on 31st march,2015. Payment of bonus amendment bill 2015 pdf download citehr. In section 2 of the payment of bonus act, 1965 hereinafter referred to as the principal act, in clause, for the words ten thousand rupees, the words twentyone. The payment of bonus amendment act, 1974 42 of 1974. These amendments were made pursuant to demands made by various trade unions, from time.