New Delhi: The government on Friday said the existing legislation on payment of bonus cannot be amended to remove eligibility criteria as it would have financial implications on the exchequer.
"Removing eligibility criteria and calculation ceiling would have financial implication at a time when the Indian economy is going through financial crisis," Minister of State for Labour and Employment K Suresh said in the Rajya Sabha while replying to a private member bill moved by Congress member Ramachandra Khuntia.
The government`s fiscal situation is under stress and such steps cannot be taken now, he said.
The government has taken number of initiatives for welfare of the working class.
The last revision regarding the bonus payment was made in 2007, he added.
Khuntia had moved amendments the Payment of Bonus Act, 1965, seeking removal of eligibility criteria and calculation ceiling.