Payment Of Bonus Act 1965 (Amendment 2015)

Tuesday, November 25th, 2014 Amritesh 3 responses

In this article I will speak about the Payment of Bonus Act, 1965 which is a statutory benefit for the employees and does not cover any performance linked incentive, bonus or commission. It is a Statutory binding for the Employers to pay Bonus to the Employees covered under the Act. The Last Amendment was made on 1st January,2016 with the applicability effective retrospectively from 1st January,2014.   Applicability The Act extends to the whole of India and is applicable to every factory (as defined under Factories Act) and to every establishment wherein 20 or more workmen are employed on any day during the accounting year. Central/State Government can however, extend its provisions to any establishment employing less than 20 but…