Workmen`s Compensation Act, 1923, has been replaced with the name Employee`s Compensation Act and stipulates enhanced compensation limits, full medical expenses reimbursement, three months time limit fixed for disposal of cases etc., and makes it applicable to both casuals and clericals. This Centrally enacted law aims to compensate victims, minimize accident related litigations, reduce on-the-job accidents and provide treatment and/or rehabilitation where applicable.
The basic concept of compensation management is rather simple: employees perform tasks for employers and so companies pay employees wages for the job they do. Consequently compensation is an exchange or a transaction, from which both parties benefit.From the employers perspective, compensation is an issue of both affordability and employee motivation.companies must consider what they can reasonably afford to pay their employees and the ramifications of their decisions i.e. will it affect employee productivity? Social, economic, legal and political forces also exert influence on compensation management, making it a complicated yet important part of managing business.
Labour is one of the basic resources of any industry and has a vital bearing on the performance and objectives of the organization. The book attempts to untangle the law from the web of legalese, and present workers Right under this enactment in a simple and lucid manner by providing insights into the laws, bye laws and regulations. The content has been enriched with several new case studies. Now in its fifth edition this book will always be a work in progress.