Daily Email Newsletter (Sign-up Free)

Section 37 Code on Wages 2019: Adjustment of customary/ interim bonus

Section 37 (Adjustment of customary or interim bonus against bonus payable under this Code) under Chapter IV (Payment of Bonus) of the Code on Wages, 2019.—

❝Where in any accounting year,—

 (a) an employer has paid any puja bonus or other customary bonus to employee; or

 (b) an employer has paid a part of the bonus payable under this Code to an employee before the date on which such bonus becomes payable,

then, the employer shall be entitled to deduct the amount of bonus so paid from the amount of bonus payable by him to the employee under this Code in respect of that accounting year and the employee shall be entitled to receive only the balance.❞



...............................................................

Notes:

(1) The Code on Wages, 2019, an Act of Parliament received the assent of the President on the 8th August, 2019, and was published in the Gazette of India (Extraordinary, Part II - Section 1) by the Ministry of Law and Justice (Legislative Department) on 8th August, 2019.

(2) The Act extends to the whole of India.

(3) Effective Date: The Act shall come into force on such date as the Central Government may, by notification in the Official Gazette appoint; and different dates may be appointed for different provisions of this Code and any reference in any such provision to the commencement of this Code shall be construed as a reference to the coming into force of that provision.



This page was created/ last updated on 8th August, 2019.

No comments:

Post a Comment

In comment with "Name/Url" option, only Name is mandatory to be filled.