kumaracmeAs a HR person, you must understand from which act these two compliance falls, then you can take a call. Labour licence falls under what catetory and WC Policy which is a welfare statute falls under which category.
From India, New Delhi
Generally, there is difference between the terms ' Licence ' and ' Insurance '. In the context of Labor Laws, the former refers to a statutory obligation to be complied with by an employer under any such Law and the latter refers to the employer's making an alternative arrangement to discharge certain future liability through an insurer as permitted by the particular law.
Since yours is a construction company, you are required to take up contractor's licence under the CLRA Act,1970 and register yourself under the BOCW Act.
You would be required by the principal employer to take up insurance policy in respect of the liability to pay compensation to the workmen under the EC Act,1923 in case of any employment accident.
Thus they are not alternative to each other.
From India, Salem
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