The Payment of Wages (Punjab Amendment) Act, 1962
Punjab Act 15 of 1962
Object & Reasons6
|Statement of Object and Reasons. - Section 6 of the Payment of Wages Act, 1936, provide that all wages shall be paid in current coin or currency notes or both. It is felt that in order to popularise the National Savings Scheme, section 6 of the Payment of Wages Act, 1936, may be amended so as to make a statutory provision for automatic conversion of a part of the bonus payable to an employee into National Savings Certificates. This will also be beneficial to the employee in the long run. To meet this requirement of law an amendment to section 6 of the Payment of Wages Act, 1936, has been proposed. Punjab Government Gazette Extraordinary, dated the 28th March, 1962.|
6. Wages to be paid in current or currency notes. - All wages shall be paid in current coin or currency notes or in both :Provided that where the amount of any bonus payable to an employed person exceeds an amount of one hundred rupees for the year to which the bonus relates, fifty per centum of the amount of bonus in excess of one hundred rupees shall be paid or invested in the manner prescribed. Explanation. - For the purposes of this section, the expression -
(1) "wages" shall include any bonus of the description given in sub-clause (1) of clause (vi) of section 2;
(2) "bonus" means bonus payable to an employed person under the terms of employment or under any award or settlement or order or a court, and also includes any bonus of the description given in sub-clause (1) of clause (vi) of section 2."