bill no 3 of 1180 :  ~ , : )! !  tile payment of bonus (amendment) bill, 1980 a billfurthet to i1mend thepuymen!t of bonus (amendment) act, 1977 be it enacted by parliament in the thirtieth year of the republic of india as follows:-1 (1) this act may be called the payment of bonus (amendment) act, 1980 short title and commence ment 5 (2) it shall be deemed to have come into force on the 30th day of august, 1979 43 of 1977 amendment of section 2 z 1,'n sec~ion 2 of the  payment of bol)us (amendment) act, 1977 (hereinafter referred to as the amendment act), for the words and figures "and in ~ect qf the accounting year commencing on any day loin the ~j977", the w01,'ds ~ild figures", in rejpect of the accounting year commencing on any day in the year 1977 and in respect of the accounting year commencing on any day in the year 1978" shall be substituted  - 6 of 1979 3 (1) the payment of bonus (amendm~nt) ordinance, 1979, is here- ::"1 by repealed laving l1 of 1965 is (2) notwithstanding such repeal, anything done or any action taken under the payment of bonus act, 1965, by virtue of the provisions of the amendment act as amended by the said ordinance shall be deemed to have been done or taken under the payment of bonus act, 1965, by virtue of the provisions of the amendment act as amended by this act  statement of objects and reasonsin 1975, a number of substantial amendments were made in the payment of bonus act, 1965 by means of the payment of bonus (amendment) ordinance, 1975, promulgated on the 25th september, 1975 this ordinance was later replaced by the payment of bonus (amendment) act, 1976 (23 of 1976) as a result of these amendments, a minimum bonus of four per cent only was payable in respect of the accounting year commencing on any day in the year 1974 and no minimum bonus was payable in respect of subsequent accounting years if there were no allocable surplus in those years the banking companies and the industrial reconstruction corporation of india, to which the act was earlier applicable, were excluded from the purview of the act some other changes were also made 2 considering an almost unanimous demand of the working class that the payment of bonus act, 1965 should be amended to provide, inter alia, for payment of a minimum bonus whether there was an allocable surplus or not, the aforesaid act was amended by the payment of bonus (amendment) act, 1977 (43 of 1977) to provide for payment of a minimum bonus of 833 per cent for the accountin'g year commend ng on an~' day in the year 1976 irrespective of whether there was any allocable surplus banking companies and the industrial reconstruction corporation of india were also bound to pay bonus under the payment of bonus (amendment) act, 1977 investment allowance was allowed to be deducted as a prior charge, from the gross profits, in the computation of allocable surplus provision fot payment of bonus under an agreement on a formula different from that outlined in the act was restored, subject to certain safeguards 3 subsequently, requests were received from various quarters for amendment of the payment of bonus act, 1965 in certain other respects pending consideration of these proposals, it was decided to maintain the status quo for the accounting year commencing on any day in the year 1977 the intention was to study these proposals and to have consultations with the interests concerned before introducing permanent changes in the art this process could not however, be completed and after the change of government in july 1979, it was decided to maintain the status quo for the accounting year commencing on any day in the year 1978 also accordingly, the president promulgated the payment of bonus (amendment) ordinance, 1979, on the 30th august, 1979 4 the present bill seeks to replace the aforesaid ordinance 'l'he 16th january, 1980 j b patnaik  annexure extract from the payment of bonus (amendment) acr, 1977(43 of 1977) - - - - - 2 the payment of bonus act, 1965 (hereinafter referred to as the act 21 of principal act) shall,-1965 to (a) in relation to a factory or other establishment to which the principal act applies immediately before the commencement of this act; and have modified effect for a particular period (b) in relation to a banking company and the industrial reconstruction corporation of india to which the principal act aptllies on and from such commencement by virtue of this act, ' have effect in respect of the accounting year commencing on any day in the year 1976 and' in respect of the accounting year commencing on any day in the year 1977 as· if the amendments specified in sections 3 to 20 had been made in that act explanation-in this section, the expressions "banking company" and "accounting year" shall have the meanings respectively assigned to them in clause (8) and (1) of section 2 of the princjt?a~' act - -  - -  a billfurther to amend the payment of bonus (amendment) act, 1977 (shri j b patnaik, minister of tourism and civil aviation and labour) 