Compensation Management Insights: How Can This Article Help You Navigate Pay Structures?

Hi Friends,

This is R. Mohanasundaram again, and now I have attached a whole article on compensation management. It constitutes a wide range of information. I hope it will definitely be useful.

Thank you.

Can you please help...

I would like to know the calculations regarding the compensation to be paid to the victim in case of an accident causing fatality or permanent disability. Please let me know the statute regarding this. Is it covered under the Factories Act or the Workmen's Compensation Act?

Thanks in advance.

With regards,
Dipil Kumar V

Hi Dipil,

I would like to brief you about workmen compensation:

For fatal accidents: The calculation will be 50% of basic wages x age factor.
For permanent disability: The calculation will be 60% of basic wages x age factor x % of disability certified by the authorized doctor or certified surgeon in a gazetted rank. Please refer to the Workmen's Compensation Act of 1923 for the age factor.

Regards,
S. ANAND SIVAKUMAR

Hi friends,

What Anand said is right. You can refer to the Wages Act of 1923 to get a clear picture of it. If you need further clarification, please let me know.

@ S. ANAND SIVAKUMAR & Citizen 1502

Thanks a lot for your valuable reply. Really helpful.

Can you please do me one more favor? Please mention the section under the Workmen's Compensation Act, 1923, from which I will get the details regarding the Age Factor. Also, is there any clause in the Factories Act regarding compensation to the victims of accidents?

Thanks in advance.

With regards,

Dipil Kumar V

Hi Patel,

Hereby, I have attached a very detailed contents of the Job Evaluation Process so read it and tell me your comments. This is not only for you but also for the benefit of all HR members in this community.