"10. (1) Subject to the other provisions of this Act, where an employer has any allocable surplus in any accounting year, then, he shall be bound to pay to every employee in respect of that accounting year a minimum bonus which shall not be less than four per cent, of the salary or wage earned by the employee during the accounting year or one hundred rupees whichever is higher, or, in a case whers the allocable surplus exceeds the said amount of minimum bonus payable to the employees, 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:
Provided that where an employee has not completed fifteen years of age at the beginning of that accounting year, the provisions of this sub-section shall have effect in relation Jo such employee as if for the words "one hundred rupees", the words "sixty rupees" were substituted.
(2) For the purposes of sub-section (3), the allocable surplus shall be computed taking into account the amount set on or set off in the three immediately preceding accounting years and in the accounting year in respect of which the bonus is payable, in the manner illustrated in the Third Schedule.
(3) Notwithstanding anything contained in this section, every employer shall be bound to pay to every employee in respect of the accounting year commencing on any day in the year 1974, a minimum bonus which shall be four per cent, of the salary or wage earned by the employee during that accounting year or one hundred rupees whichever is higher, whether or not the employer has any allocable surplus in that accounting year:
Provided that where an employee has not completed fifteen years of age at the beginning of that accounting year, the provisions of this Substitution of new section for section 4.
Computation of gross profits.
Amendment of section
6.
Substitution of new section for section
10.
Amount of bonus.
2 of
1934.
632 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— sub-section shall have effect in relation to such employee as if for the words "one hundred rupees", the words "sixty rupees" were substituted:
Provided further that where any employer has, before the commencement of the Payment of Bonus (Amendment) Ordinance, 1975, paid to his employees in respect of the accounting year commencing on any day in the year 1974, a minimum bonus in excess of that specified in this sub-section, notwithstanding that such employer did not have the required allocable surplus for the payment of such bonus, then, such employer shall deduct the excess amount of bonus so paid from the amount of bonus payable by him to the employees under this Act in respect of the three immediately succeeding accounting years and the employees shall be entitled to receive only the balance.".
9. Section 11 of the principal Act shall be omitted.
10. In section 12 of the principal Act, the words and figures "or, as the case may be, under section 11," shall be omitted.