PRACTICAL GUIDE TO PAYMENT OF BONUS ACT & RULES

THE PAYMENT OF BONUS ACT RECEIVED THE ASSENT OF THE PRESIDENT ON SEPTEMBER 25, 1965 OUT OF 16 AMENDMENTS AS MADE, THE LAST WAS MADE IN 1995 WITH RETROSPECTIVE EFFECTEVER SINCE DUE TO CHANGE IN SALARY STRUCTURE THE PAYMENT OF BONUS ACT, THOUGH A BENEFICIAL PIECE OF LEGISLATION FOR THE WORKING CLASS, BECAME REDUNDANT IN ASSOCIATED CEMENT COMPANIES LTD? V ITS WORKMEN, AIR 1959 SC 967, THE SUPREME COURT HAD SUGGESTED THAT A LEGISLATION CONSOLIDATING AND CODIFYING THE LAW FOR PAYMENT OF BONUS COULD BE ENACTED THIS YEAR, AN ORDINANCE HAS BEEN ISSUED ON 27-10-2007 BY INCREASING THE SALARY CEILING TO RS 10,000 PER MONTHTHE ENTITLEMENT FOR CALCULATION OF BONUS WILL BE RS 3,500 PER MONTH THE EMPLOYEES, AS EMPLOYED THROUGH CONTRACTORS ON BUILDING OPERATIONS WHO WERE EXCLUDED FROM THE PURVIEW OF THE ACT, HAVE NOW BEEN COVERED BY THE AMENDMENTTHROUGH THIS BOOK EVERY EFFORT HAS BEEN MADE TO SIMPLIFY THE PROVISIONS OF THE ACT WHICH ARE BASED ON THE RATIOS OF THE IMPORTANT DECISIONS OF THE SUPREME COURT AND HIGH COURTSTHE PUBLICATION WILL SERVE AS A REFERENCE MATERIAL FOR THE STUDENTS OF MANAGEMENT, BUSINESS ADMINISTRATION, COMPANY SECRETARIES, CHARTERED ACCOUNTANTS AND THOSE WHO ARE MANAGING PEOPLE AT WORK TO UNDERSTAND THIS CRUCIAL LEGISLATURE*CODE 504