Dear Learned Members
This is in reference to the recent amendment in the Payment of Bonus Act, 1965 and subsequent granting of stay by Hon’ble Karnataka & Kerala High Court from applicability of the said amendment for the FY 01.04.2014 to 31.03.2015.
I would like to know that if the factory/ establishment follow a different financial year (1st July 14 to 30th June 2015), then in that case at what basis it have to pay bonus to its employee for the three months i.e. 01.04.2015 to 30.06.2015. It will pay as per old basis for nine months i.e 01.07.2014 to 31.03.2014 (as per Hon’ble High Court order).
The payment of bonus is to be made within 8 months from the end of FY. So the last date in such cases would be 29.02.2016
This is in reference to the recent amendment in the Payment of Bonus Act, 1965 and subsequent granting of stay by Hon’ble Karnataka & Kerala High Court from applicability of the said amendment for the FY 01.04.2014 to 31.03.2015.
I would like to know that if the factory/ establishment follow a different financial year (1st July 14 to 30th June 2015), then in that case at what basis it have to pay bonus to its employee for the three months i.e. 01.04.2015 to 30.06.2015. It will pay as per old basis for nine months i.e 01.07.2014 to 31.03.2014 (as per Hon’ble High Court order).
The payment of bonus is to be made within 8 months from the end of FY. So the last date in such cases would be 29.02.2016
