Ashoknegidi
Training Operations - Csr
Muralikandukuri
Director Of Human Resources
Vpsivakumar
Insurance Professional
Eknath Ghule
Hr & Admin
+1 Other

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Dear All!
I'm working in a private infrastructure company. I need the premium calculation method of workman compensation policy.
I'm going to engage some earth movers and other machinery for my project. Is there any standard format of agreement. If any have such a format for machinery and engaging sub contractors kindly send to me.
Thanks

From India, Kolkata
Hi, The attached document will hep you on workmen compensation details... If it is fine then do let me know,
From India, Hyderabad

Attached Files
File Type: xls Workmen Compensation Calculator1(NEW)(1).xls (47.5 KB, 2227 views)

Dear Mr. Ashok Negidi,
Thanks for sending the reply. Let me go through the details to revert back. Actually I need some basic details like
1. Is there any limit for minimum salary or maximum salary/ wages to be paid?
2. The basic premium is applicable to all ages?
3. What are the legal provisions to extend the coverage period and to include some other labours or workers?
If you have any idea in this regard kindly let me know the details.
Again Thanks!!!
Soundarrajan.S
07896090030

From India, Kolkata
Hi,
1. Please go through the minimum wages act,
2.I did not get your questions,
3. For example you want apply license on the same for 10 employees its better to take for 20, you need to fill fill the some documents if your going through increase employee number.

From India, Hyderabad
Hi!
Actually in WC premium calculator it was mentioned that the premium for Rs.1000/- will be Rs.21.40. Is it applicable to all ages?
And if I go for a limited period i.e 3 or 4 months, then how it will affect the cost>
Thanks
Soundarrajan.S

From India, Kolkata
Hi,
My humble request is not to do your own calculation. Please take a Speclist / Consultant advise before you take WC. It is not as simple as you think, if you have not taken enough precautions / understand / underwrite the risk - it leads to issues.

From India, Bangalore
Dear Soundarrajan,
WC policy is basically a nameless policy. This policy is taken where you have some casual labour working and you as employer would like to safe guard from any compensation in case of eventualities. You have to declare how many skilled, semi skilled and unskilled workers you are going to hire and their wages paid per day. There would be a one time premium to be paid for such declaration.
Insurance company would issue a policy based on your declaration. In case of any accidental death, a thorough investigation would be done by Insurance company and labour department to ascertain, whether the details mentioned in declaration are true. the award given by the labour dept under WC act will be paid by the insurance company for the sum insured and over and above will be paid by the employer.
Hope this clarifies your doubts.
Regards,
Murali

From India, Chennai
Dear Mr.Murali,
Thanks for your reply. Instead of WC can I go group personal accident policy is it advisable?
As you know there is one policy in Oriential Insurance company named "Nagarik Suraksha" . Under this policy we have to pay Rs.75/- per lakh. Only thing is we hae to mention the name of the persons. Can I opt this ?

From India, Kolkata
which salary is multiplied basic or gross to the relevent factor
From India, Lucknow

Dear sir,
I am working as Hr in a Mnc , my company obtained contract labour licence from DLO. We are engaged some Sub Contractors under our work also we are issued them work order. In this case we are the principal employer. Can I have rights to issuing Form V. Kindly confirm me

From India, Kolkata

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