"31A. Notwithstanding anything contained in this Act, where an agreement or a settlement has been entered into by the employees with their employer before the commencement of the Payment of Bonus (Amendment) Ordinance, 1975 or, where the employees enter into any agreement or settlement with their employer after such commencement for payment of an annual bonus linked with production or productivity in lieu of bonus based on profits payable under this Act, then, such employees shall be entitled to receive bonus dufl to them under such agreement or settlement, as Ihe case may be:
Provided that such employees shall not be entitled to be paid such bonus in excess of twenty per cent, of the salary or wage earned by them during the relevant accounting year.", Omis&ion of section
24.
Amendment of section
27.
Insertion of new section
31A.
Special provision with respect to certain emplo.
yees for payment of bonus.
21. In section 32 of the principal Act,—
(a) for clause (vii), the following clause shall be substituted, namely: — "(vii) employees employed by a banking company;";
(b) in clause (ix),—
(i) after sub-clause (f), the following sub-clause shall be inserted, namely: — "(jf) the Industrial Reconstruction Corporation of India;";
(ii) in sub-clause (g), the brackets and words "(other than a banking company)" shall be omitted;
(c) clause (x) shall be omitted.
Amendment of section
32.
. 22. Section 33 of the principal Act shall be omitted. Omission of section