Firms get Bombay High Court relief on bonus rule
The stay was order following a petition filed by Tech Mahindra against its retrospective operation.
By : DC Correspondent
Update: 2016-06-14 19:34 GMT
Mumbai: Companies have got a breather as the Bombay High Court has given a stay on the retrospective aspect of the Payment of Bonus (Amendment) Bill, 2015.
The amendment provided for payment of bonus with retrospective effect and also mandates payment of bonus to employees’ whose salary is up to Rs 10,000 per month.
It also seeks to increase this eligibility limit to Rs 21,000 per month and seeks to raise the calculation ceiling to Rs 7,000 per month or the minimum wage notified for the employment under the Minimum Wages Act from the present Rs 3,500. The stay was order following a petition filed by Tech Mahindra against its retrospective operation.