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Labour's Share VoI X No 40 October 4, 1975 ECONOMII AND POLITICAL WEEKLY Skylark 284 Frere Road Bombay 400 001
Grams Econweekly Editor Krishna Raj Assistant Editor Rajani X Desai Editorial Staff Colin de Souza, Ashok Rao, A A Dalvi MODIFICATION of the law relating to payment of bonus has been a longstanding demand of industrialists and businessmen. The demand has been substantially fulfilled by the Payment of Bonus Ordinance issued on September 26. The most important change effected by the Ordinance is the redefinition of bonus as "payment on the basis, of profits or on the basis of production or productivity". Hitherto bonus had been regarded as "deferred wage'' which helped, howsoever inadequately, to bridge the gap between the low wages which characterise most of even the so-called organised sector of industry and commerce, and the income required to sustain a minimum level of living. This was the justification for making payment of a minimum bonus