Dear All,
We pray to God that no accidents should happen in any factories, and no employees should suffer as a result. We hope that no one dies. However, if, unfortunately, somebody dies due to an accident, what should be done?
I have attached an Excel sheet for calculating compensation in that case.
From India, Mumbai
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121We pray to God that no accidents should happen in any factories, and no employees should suffer as a result. We hope that no one dies. However, if, unfortunately, somebody dies due to an accident, what should be done?
I have attached an Excel sheet for calculating compensation in that case.
From India, Mumbai
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Suhas, it is a good initiative. However, please note that the minimum compensation for death cases is Rs. 120,000 and the maximum salary for compensation purposes is Rs. 8,000. Therefore, you should calculate 50% of the maximum salary, which amounts to Rs. 4,000 (i.e., 50% of 8,000).
In your sheet, we end up with amounts less than Rs. 120,000 if we input a salary lower than the minimum and it allows us to input salaries exceeding Rs. 8,000, which should be restricted. Please ensure both caps are applied in your Excel calculations so that HR personnel can use it effectively.
Regards,
Madhu T.K
From India, Kannur
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In your sheet, we end up with amounts less than Rs. 120,000 if we input a salary lower than the minimum and it allows us to input salaries exceeding Rs. 8,000, which should be restricted. Please ensure both caps are applied in your Excel calculations so that HR personnel can use it effectively.
Regards,
Madhu T.K
From India, Kannur
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Dear Madhu Sir, Thanks for your reply. I have ammended the file as per your valuable suggestions. looking for your veiws for any further modifications.
From India, Mumbai
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From India, Mumbai
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Dear Suhas,
Kindly cross-check the relevant factor for age 52. It should be Rs. 146.20, but your sheet is showing Rs. 166.29.
Completed years of age on the last birthday of the workman immediately preceding the date on which the compensation fell due:
Age Factor
Not more than 16 ... 228.54
17 ... 227.49
18 ... 226.38
19 ... 225.22
20 ... 224.00
21 ... 222.71
22 ... 221.37
23 ... 219.95
24 ... 218.47
25 ... 216.91
26 ... 215.28
27 ... 213.57
28 ... 211.79
29 ... 209.92
30 ... 207.98
31 ... 205.95
32 ... 203.85
33 ... 201.66
34 ... 199.40
35 ... 197.06
36 ... 194.64
37 ... 192.14
38 ... 189.56
39 ... 186.90
40 ... 184.17
41 ... 181.37
42 ... 178.49
43 ... 175.54
44 ... 172.52
45 ... 169.44
46 ... 166.29
47 ... 163.07
48 ... 159.80
49 ... 156.47
50 ... 153.09
51 ... 149.67
52 ... 146.20
53 ... 142.68
54 ... 139.13
55 ... 135.56
56 ... 131.95
57 ... 128.33
58 ... 124.70
59 ... 121.05
60 ... 117.41
61 ... 113.77
62 ... 110.14
63 ... 106.52
64 ... 102.93
65 or more ... 99.37
Subs. by Act 22 of 1984, sec. 7, for Schedule IV (w.e.f. 1-7-1984).
From India, Kota
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Kindly cross-check the relevant factor for age 52. It should be Rs. 146.20, but your sheet is showing Rs. 166.29.
Completed years of age on the last birthday of the workman immediately preceding the date on which the compensation fell due:
Age Factor
Not more than 16 ... 228.54
17 ... 227.49
18 ... 226.38
19 ... 225.22
20 ... 224.00
21 ... 222.71
22 ... 221.37
23 ... 219.95
24 ... 218.47
25 ... 216.91
26 ... 215.28
27 ... 213.57
28 ... 211.79
29 ... 209.92
30 ... 207.98
31 ... 205.95
32 ... 203.85
33 ... 201.66
34 ... 199.40
35 ... 197.06
36 ... 194.64
37 ... 192.14
38 ... 189.56
39 ... 186.90
40 ... 184.17
41 ... 181.37
42 ... 178.49
43 ... 175.54
44 ... 172.52
45 ... 169.44
46 ... 166.29
47 ... 163.07
48 ... 159.80
49 ... 156.47
50 ... 153.09
51 ... 149.67
52 ... 146.20
53 ... 142.68
54 ... 139.13
55 ... 135.56
56 ... 131.95
57 ... 128.33
58 ... 124.70
59 ... 121.05
60 ... 117.41
61 ... 113.77
62 ... 110.14
63 ... 106.52
64 ... 102.93
65 or more ... 99.37
Subs. by Act 22 of 1984, sec. 7, for Schedule IV (w.e.f. 1-7-1984).
From India, Kota
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Dear AKKI79, first up all thanks for identifying error with the formula. I have rectified the error. Hope this is correct this time. Waiting for your feedback.
From India, Mumbai
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From India, Mumbai
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Hi, Dear,
The multiplication factor is based on the loss of anticipated income if the person were alive. This factor is provided in Schedule IV as per Section 4 of the Employee's Compensation Act, 1923. Please read Section 4 of the act.
From India, Mumbai
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The multiplication factor is based on the loss of anticipated income if the person were alive. This factor is provided in Schedule IV as per Section 4 of the Employee's Compensation Act, 1923. Please read Section 4 of the act.
From India, Mumbai
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Dear All, Compensation calculator for all type of Injuries partial disablement, perment disablement and death. Please give your comments.
From India, Mumbai
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From India, Mumbai
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Dear all,
I am very new to the calculation of compensation in case of a deceased employee, so please help me learn by answering some of my questions.
As Madhu sir said, the maximum salary for the purpose of compensation is Rs 8000. Therefore, you have to take 50% of the maximum salary, which means the maximum salary factor will be Rs 4000, i.e., 50% of 8000. Then why is the Excel sheet salary component accepting 5000, 6000, 7000, and 8000 as well?
Please clarify.
From India, Ghaziabad
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I am very new to the calculation of compensation in case of a deceased employee, so please help me learn by answering some of my questions.
As Madhu sir said, the maximum salary for the purpose of compensation is Rs 8000. Therefore, you have to take 50% of the maximum salary, which means the maximum salary factor will be Rs 4000, i.e., 50% of 8000. Then why is the Excel sheet salary component accepting 5000, 6000, 7000, and 8000 as well?
Please clarify.
From India, Ghaziabad
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Dear Excel sheet will accept any figure you enter but it will calculate on the basis of 8,000 as the maximum salary (it will auto consider). You can verify by calculating on a calculator. It will automatically give the result as 120,000 as the minimum compensation.
Try it out. Best of luck.
From India, Mumbai
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Try it out. Best of luck.
From India, Mumbai
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Dear Madhu Sir,
I apologize for sending this query to this thread; however, it is urgent. I need clarification on OT payments under the factory act:
1. Is it mandatory that OT is payable on the gross amount, including all allowances like Cony Allowance, CCA, Washing Allowance, etc.?
2. Is it mandatory that OT is paid at double the gross amount?
3. If OT is paid at double the gross amount, is it necessary to also pay the night allowance?
Please guide me on these matters.
Regards,
Swarnalata
From India, New Delhi
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I apologize for sending this query to this thread; however, it is urgent. I need clarification on OT payments under the factory act:
1. Is it mandatory that OT is payable on the gross amount, including all allowances like Cony Allowance, CCA, Washing Allowance, etc.?
2. Is it mandatory that OT is paid at double the gross amount?
3. If OT is paid at double the gross amount, is it necessary to also pay the night allowance?
Please guide me on these matters.
Regards,
Swarnalata
From India, New Delhi
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