As a startup, every penny investment matters a lot, at the same time taking the relevant policy to protect the interest of the employees is also very crucial. There are hundreds of policies out there in the market, however, Workmen compensation policy has been mandated and is indented to protect the rights of the employees and safeguard the interest of the employees for the employer engaging workmen in its organization.
In other words, Workmen Compensation policy is a tool designed in a way to ensure that the employer is protected against their liability towards the workers in case of an injury occurred at the workplace or during the course of employment. The occurrence of injuries during the course of employment can be minimized by adequate protective equipment, however, there are certain situations wherein the is a common part of the business, hence it is imperative to buy a Workmen Compensation policy as it safeguards a company from the costly lawsuits and high compensation demands.
The amount to be paid has been decided and revised time to time as per the Workmen compensation act and also depends on the age of workmen and the nature of the injury.
It is monitored by the Ministry of labor. The compensation is paid to the employees who have suffered any bodily injury or have died due to accidents, occupational ailments during the employment tenure or arising out of such an occupation.
The expert team of Enterslice will help you and provide end to end solution with regard to Adoption of Workmen Compensation policy and the compliance part required in this regard, also with minute study and adoption of time to time changes induces by the government in this regards. Our expert team shall help you in choosing the best policy at least premium. In case you wish to know more or learn more and contact Click here.
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