Who: Payment of Bonus (Amendment) Bill, 2015
What: Passed by Lok Sabha
When: 22 December 2015
The Lok Sabha on 22 December 2015 passed The Payment of Bonus (Amendment) Bill, 2015. The Bill will allow doubling of wage ceiling for calculating bonus of factory workers.
The Bill seeks to amend the Payment of Bonus Act, 1965. The Bill 2015 was introduced in Lok Sabha on 7 December 2015.
Provisions of Bill
• It seeks to raise the eligibility limit for payment of bonus from a salary of 10000 rupees to 21000 rupees a month.
• It seeks to raise this calculation ceiling of bonus to 7000 rupees per month or as per the minimum wage notified for the employment under the Minimum Wages Act, 1948 (whichever is higher).
• It seeks to mandate prior publication of rules made by the Union Government in the Official Gazette to allow for more public consultation.
• It will have retrospective effect and will come into force on 1 April 2015.