BONUS HIKE – IMPACT OF UNITED TRADE UNION MOVEMENT
The Lok Sabha on Tuesday passed the Payment of Bonus (Amendment) Bill, 2015. The Bill provides for enhancing monthly bonus calculation ceiling to Rs 7,000 per month from the existing Rs 3,500. It also seeks to enhance the eligibility limit for payment of bonus from Rs 10,000 per month to Rs 21,000 per month. The last amendment to the eligibility limit and the calculation ceiling was carried out in 2007 and made effective from April 1, 2006. This amendment in the Act to increase wage ceiling and bonus calculation ceiling was one of the assurances given by the Centre after central trade unions went on one-day strike on September 2.
It is also learnt that the there is a proposal with the government that the implementation will be effect from July 2014.