Payment of Bonus Act,1965

Act No : 21

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Section : Payment of maximum bonus.

11. Payment of maximum bonus.- (1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of --------------------------------------------------------------------- 1. Subs. by Act 66 of 1980, s. 5, for "(other than development rebate or development allowance)" (w.e.f. 21-8-1980). 2. Subs. by s. 6, ibid., for s. 10 (w.e.f. 21-8-1980). 434 that accounting year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent. of such salary or wage. (2) In computing the allocable surplus under this section, the amount set on or the amount set off under the provisions of section 15 shall be taken into account in accordance with the provisions of that section.] 4* * * * *

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