It is clear that ESI or Employee Compensation is taken as per the ESI Act and Workmen Compensation Act. But can anyone advise if a company takes a Group Personal Accident Policy, whether this will suffice as an Employee Compensation policy as per the WC Act?
From India, Visakhapatnam
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4From India, Visakhapatnam
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Employer Liability and Accident Policies
The Employees' Compensation Act renders only the employer liable to pay the compensation under the Act. However, if the employer takes an accident policy of the kind you mentioned, the employer keeps himself indemnified to the extent of compensation by the insurance company.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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The Employees' Compensation Act renders only the employer liable to pay the compensation under the Act. However, if the employer takes an accident policy of the kind you mentioned, the employer keeps himself indemnified to the extent of compensation by the insurance company.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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Compensation policy.doc
COMPENSATION POLICY(Bilingua l)_v 1.1.pdf