I am working in a private infrastructure company and I need the premium calculation method for the workman's compensation policy. I am planning to engage some earth movers and other machinery for my project.
Standard Format of Agreement
Is there a standard format of agreement available? If anyone has such a format for machinery and engaging subcontractors, kindly send it to me.
Thanks
From India, Kolkata
Acknowledge(1)
Amend(0)
1Standard Format of Agreement
Is there a standard format of agreement available? If anyone has such a format for machinery and engaging subcontractors, kindly send it to me.
Thanks
From India, Kolkata
Acknowledge(1)Amend(0)
Hi, The attached document will hep you on workmen compensation details... If it is fine then do let me know,
From India, Hyderabad
Acknowledge(2)
Amend(0)
From India, Hyderabad
Acknowledge(2)Amend(0)
Thank you for sending the reply. Let me review the details to respond. I require some basic information:
1. Is there any limit for the minimum or maximum salary/wages to be paid?
2. Is the basic premium applicable to all ages?
3. What legal provisions govern extending the coverage period and including other laborers or workers?
If you have any insights on these questions, please provide the details.
Thank you once again.
Regards,
Soundarrajan S.
[Phone Number Removed For Privacy Reasons]
From India, Kolkata
Acknowledge(0)Amend(0)
1. Is there any limit for the minimum or maximum salary/wages to be paid?
2. Is the basic premium applicable to all ages?
3. What legal provisions govern extending the coverage period and including other laborers or workers?
If you have any insights on these questions, please provide the details.
Thank you once again.
Regards,
Soundarrajan S.
[Phone Number Removed For Privacy Reasons]
From India, Kolkata
Acknowledge(0)Amend(0)
Hi! Actually, in the WC premium calculator, it was mentioned that the premium for ₹1000 will be ₹21.40. Is it applicable to all ages? And if I opt for a limited period, i.e., 3 or 4 months, how will it affect the cost?
Thanks,
Soundarrajan.S
From India, Kolkata
Acknowledge(0)Amend(0)
Thanks,
Soundarrajan.S
From India, Kolkata
Acknowledge(0)Amend(0)
My humble request is not to do your own calculation. Please consult a specialist or consultant before you proceed with Workers' Compensation. It is not as simple as you may think. If you have not taken enough precautions, understood, or underwritten the risk, it can lead to issues.
From India, Bangalore
Acknowledge(1)Amend(0)
From India, Bangalore
Acknowledge(1)Amend(0)
Understanding the Workman's Compensation (WC) Policy
The WC policy is essentially a nameless policy. This policy is taken when you have casual labor working, and you, as the employer, want to safeguard against any compensation in case of eventualities. You need to declare how many skilled, semi-skilled, and unskilled workers you are going to hire and their wages paid per day. There will be a one-time premium to be paid for such a declaration.
An insurance company will issue a policy based on your declaration. In case of any accidental death, a thorough investigation will be conducted by the insurance company and the labor department to ascertain whether the details mentioned in the declaration are true. The award given by the labor department under the WC Act will be paid by the insurance company for the sum insured, and any amount over and above will be paid by the employer.
Hope this clarifies your doubts.
Regards,
Murali
From India, Chennai
Acknowledge(2)Amend(0)
The WC policy is essentially a nameless policy. This policy is taken when you have casual labor working, and you, as the employer, want to safeguard against any compensation in case of eventualities. You need to declare how many skilled, semi-skilled, and unskilled workers you are going to hire and their wages paid per day. There will be a one-time premium to be paid for such a declaration.
An insurance company will issue a policy based on your declaration. In case of any accidental death, a thorough investigation will be conducted by the insurance company and the labor department to ascertain whether the details mentioned in the declaration are true. The award given by the labor department under the WC Act will be paid by the insurance company for the sum insured, and any amount over and above will be paid by the employer.
Hope this clarifies your doubts.
Regards,
Murali
From India, Chennai
Acknowledge(2)Amend(0)
Understanding Workmen's Compensation (WC) Policy
WC policy is essentially a nameless policy. This policy is taken when you have some casual labor working, and you, as an employer, would like to safeguard yourself 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 a declaration.
The insurance company would issue a policy based on your declaration. In case of any accidental death, a thorough investigation would be done by the insurance company and the labor department to ascertain whether the details mentioned in the declaration are true. The award given by the labor department under the WC Act will be paid by the insurance company for the sum insured, and any amount over and above will be paid by the employer.
Hope this clarifies your doubts.
Regards,
Murali
Considering Alternative Policies
Thanks for your reply. Instead of WC, can I go for a group personal accident policy? Is it advisable?
As you know, there is one policy in Oriental Insurance Company named "Nagarik Suraksha." Under this policy, we have to pay Rs. 75/- per lakh. The only thing is we have to mention the names of the persons. Can I opt for this?
Regards
From India, Kolkata
Acknowledge(0)Amend(0)
WC policy is essentially a nameless policy. This policy is taken when you have some casual labor working, and you, as an employer, would like to safeguard yourself 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 a declaration.
The insurance company would issue a policy based on your declaration. In case of any accidental death, a thorough investigation would be done by the insurance company and the labor department to ascertain whether the details mentioned in the declaration are true. The award given by the labor department under the WC Act will be paid by the insurance company for the sum insured, and any amount over and above will be paid by the employer.
Hope this clarifies your doubts.
Regards,
Murali
Considering Alternative Policies
Thanks for your reply. Instead of WC, can I go for a group personal accident policy? Is it advisable?
As you know, there is one policy in Oriental Insurance Company named "Nagarik Suraksha." Under this policy, we have to pay Rs. 75/- per lakh. The only thing is we have to mention the names of the persons. Can I opt for this?
Regards
From India, Kolkata
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Coverage of construction & contact workers under PF 22.1.2015.pdf
Compensation policy.doc