IBA vide HR & Industrial Relations letter no. CIR/HR&IR/KSC/O/2015-16/1940 dated 14.01.2016 informed the member banks that vide Ministry of Law and Justice, Government of India, Gazaette Notification dated 01.01.2016, effecting from the accounting year 2014-15 the Bonus Act has been amended as under:
1. For the purpose of defining an employee under the Bonus Act, The ceiling on salary/wages has been revised from Rs.10,000/- to Rs.21,000/- per mensem
2. Bonus is to be calculated as if the salary/wages was Rs. 7,000/- per mensem instead of earlier Rs. 3,500/-.
For Gazettte Notification Click http://aipnbsf.org/files/Gazette%20Notification%20on%20Bonus%20Act.jpg
For IBA Letter Click http://aipnbsf.org/files/IBA%20Letter%20on%20Bonus%20Act.pdf