Amendment status not verified — confirm the current text below against the official source.
(1) Where in respect of any accounting year referred to in Sec. 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 that accounting year bonus which shall be in amount proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty percent of such salary or wage. (2) In computing the allocable surplus under this section set-in or the amount set-off under the provision of Sec.15 shall be taken into account in accordance with the provisions of that section.] Subs. by Act 66 of 1980 (w.e.f. 21/08/1980).