ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Employee/Worker Compensation Policy helps the employer financially compensate employees who are injured or die because of an accident that happened while they were working. Worker compensation covers injuries, disabilities, and deaths of employees caused by accidents during their job.

Detailed explanation-2: -The workmen’s compensation insurance policy offers legal liability coverage in respect of compensation paid to employees for bodily injury or death caused due to accidents, or occupational ailments arising out of and during the employment tenure.

Detailed explanation-3: -What is workmen compensation insurance? The Workmen/Employee Compensation Insurance provides for payment of compensation to Employer on behalf of its employees in case of accidental injury to at workplace arising out of and in the course of employment and resulting in death or disablement.

Detailed explanation-4: -Every employee (including those employed through a contractor but excluding casual employees), who is engaged for the purposes of employer’s business and who suffers an injury in any accident arising out of and in the course of his employment, shall be entitled for compensation under the Act.

Detailed explanation-5: -An Act to provide for the payment by certain classes of employers to their workmen of compensation for injury by accident.