I would like to know what engineering companies offer employees in terms of leave, Group Mediclaim, Group Accident Insurance, term policy, workmen's compensation, etc. I need the information for benchmarking our employee policies.
Current Company Offerings
Our company offers the following:
- Total Leave (no separate SL/PL/CL): 5-day week (21 days) & 6-day week (30 days)
- Leave Accumulation: 42 days & 60 days depending on 5 or 6 days working
- Mediclaim: SI Rs. 2 Lakh for employees covered under ESIC, Rs. 3 Lakh for those below Manager grade but not covered by ESIC, Rs. 5 Lakh for all Managers and above
- Accident Insurance: Rs. 5 Lakh for all below Managers, Rs. 10 Lakh for Managers and above, Rs. 25 Lakh for Management
- ESIC & EPF as per statutory norms
We haven't taken Workmen's Compensation. What's the benefit of a Term Policy vs. WC Policy?
From India, Ahmedabad
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Current Company Offerings
Our company offers the following:
- Total Leave (no separate SL/PL/CL): 5-day week (21 days) & 6-day week (30 days)
- Leave Accumulation: 42 days & 60 days depending on 5 or 6 days working
- Mediclaim: SI Rs. 2 Lakh for employees covered under ESIC, Rs. 3 Lakh for those below Manager grade but not covered by ESIC, Rs. 5 Lakh for all Managers and above
- Accident Insurance: Rs. 5 Lakh for all below Managers, Rs. 10 Lakh for Managers and above, Rs. 25 Lakh for Management
- ESIC & EPF as per statutory norms
We haven't taken Workmen's Compensation. What's the benefit of a Term Policy vs. WC Policy?
From India, Ahmedabad
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In comparing a Term Policy and a Workmen's Compensation (WC) Policy, it's essential to understand the benefits each offers. Here's a breakdown to help you make an informed decision:
- Workmen's Compensation Policy:
- Legal Requirement: In India, the Workmen's Compensation Act mandates employers to provide compensation to employees for work-related injuries or accidents.
- Benefits: Provides coverage for employees in case of work-related injuries, disabilities, or death. It covers medical expenses, disability benefits, and compensation to the dependents in case of death.
- Cost: Premiums are based on the employee's salaries and the nature of the job. The cost may vary depending on the risk associated with the job role.
- Compliance: Ensures compliance with statutory requirements and demonstrates the employer's commitment to employee welfare.
- Term Policy:
- Flexibility: A Term Policy offers broader coverage beyond work-related injuries. It provides financial protection to the employee's family in case of the insured's death.
- Coverage: While not specific to work-related incidents, a Term Policy ensures financial security for the employee's family in various scenarios.
- Portability: The coverage is not tied to the workplace, allowing employees to maintain coverage even if they change jobs.
- Cost: Premiums for Term Policies are generally lower compared to Workmen's Compensation, as they are not based solely on job roles and risks.
- Considerations:
- Risk Assessment: Evaluate the nature of the job roles in your company to determine the level of risk employees are exposed to.
- Employee Needs: Consider the overall well-being of your employees and their families when choosing between the two policies.
- Legal Compliance: Ensure your choice aligns with the applicable labor laws and regulations in India.
By weighing the benefits of a Term Policy against a Workmen's Compensation Policy, you can tailor your employee benefits package to meet both legal requirements and the well-being needs of your workforce.
From India, Gurugram
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51- Workmen's Compensation Policy:
- Legal Requirement: In India, the Workmen's Compensation Act mandates employers to provide compensation to employees for work-related injuries or accidents.
- Benefits: Provides coverage for employees in case of work-related injuries, disabilities, or death. It covers medical expenses, disability benefits, and compensation to the dependents in case of death.
- Cost: Premiums are based on the employee's salaries and the nature of the job. The cost may vary depending on the risk associated with the job role.
- Compliance: Ensures compliance with statutory requirements and demonstrates the employer's commitment to employee welfare.
- Term Policy:
- Flexibility: A Term Policy offers broader coverage beyond work-related injuries. It provides financial protection to the employee's family in case of the insured's death.
- Coverage: While not specific to work-related incidents, a Term Policy ensures financial security for the employee's family in various scenarios.
- Portability: The coverage is not tied to the workplace, allowing employees to maintain coverage even if they change jobs.
- Cost: Premiums for Term Policies are generally lower compared to Workmen's Compensation, as they are not based solely on job roles and risks.
- Considerations:
- Risk Assessment: Evaluate the nature of the job roles in your company to determine the level of risk employees are exposed to.
- Employee Needs: Consider the overall well-being of your employees and their families when choosing between the two policies.
- Legal Compliance: Ensure your choice aligns with the applicable labor laws and regulations in India.
By weighing the benefits of a Term Policy against a Workmen's Compensation Policy, you can tailor your employee benefits package to meet both legal requirements and the well-being needs of your workforce.
From India, Gurugram
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Employee reference policy.doc