Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in this Act, - (i) Where an agreement or a settlement has been entered into by the employees with their employer before the commencement of the Payment of Bonus (ii) Where the employees enter into any agreement with their employer after such (Amendment) Act, 1976 (23 of 1976), or 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 due to then) under such agreement or settlement, as the case may be: [Provided that any such agreement or settlement whereby the employees relinquish their right to receive the minimum bonus under Sec. 10 shall be null and void in so far as t Purports to deprive them of such right.] [Provided further 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.] Ins. by Act 23 of 1976, Sec. 19 (w.e.f. 25/09/1975). Ins. by Act 66 of 1980 (w.e.f. 21/08/1980) Substituted by Act 66 of 1980(w.e.f. 21/08/1980).