Workmen Compansation Policy

Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence. The trade-off between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain". One of the problems that the compensation bargain solved is the problem of employers becoming insolvent as a result of high damage awards. The system of collective liability was created to prevent that, and thus to ensure security of compensation to the workers. Individual immunity is the necessary corollary to collective liability.

General damage for pain and suffering, and punitive damages for employer negligence, are generally not available in workers' compensation plans, and negligence is generally not an issue in the case.

Workmen’s Compensation Act 1923

This Act applies to people employed in factories, mines, construction sites and various hazardous occupations. As per the guidelines set under the Workmen’s Compensation Act 1923,employers have to give compensation to their employees and families in case of job-related injuries that may result in death or disability. The compensation amount depends on the nature of injury and age of the worker. The minimum and maximum amounts to be paid for death and disability have already been fixed and are subject to revision from time to time.