Payment Of Workmen Compensation In Hrm

These remuneration packages need to be created managed and distributed efficiently.

Payment of workmen compensation in hrm.

Providing new employees with required program notifications. Most people also want a decent salary and other incentives that will reward them for their hard work. Investigating new reports of a work related injury or accident. The government has enacted several laws.

There is separate and dedicated law for payment of compensation. Workmen s compensation act 1923. This is where hr professionals that specialise in compensation and benefits get involved. Laws on minimum wages hours of work equal pay for equal work payment of dearness and other allowances payment of bonus etc have been enacted and enforced to bring.

Workers compensation coordinators manage the workers compensation program in each agency. Payment of wages act 1936. Compensation is an important element in hrm as it is the responsibility of every organization to offer optimum wages and salaries to employees for keeping them motivated to work in the organization. Most employees don t just work for the love of their job.

From a manager s point of view the compensation package offered to a company s employees is essential not only because it costs money but because it is likely to be the primary reason the employees. There is separate and dedicated law for payment of remuneration. Audrey d costa 1987 2 scc 469. In order to make compensation management to work effectively the organization should clearly specify its compensation policy which must include the basis for determining base compensation incentives and benefits and various types.

Mackinnon mackenzie and co. Workers compensation insurance helps protect businesses and their employees from financial loss when an employee is hurt on the job or gets sick from a work related cause workers compensation is also known as workman s comp workman s compensation and workers comp. Payment of the compensation to the employee is depended on the gravity of the injury he suffered but not according to the job position or job grade. These terms all mean the same thing and help protect workers from potentially devastating costs of work related injuries.

According to section 3 a settlement arrived at between the management and the employees cannot be a valid ground for effecting discrimination in payment of remuneration between male and female employees performing the same work or work of a similar nature. Ensuring claims are filed timely and through ess when possible. Compensation varies according to the nature of job skills required for the job and the risk associated with the job. Meaning of compensation in hrm.

Compensation policy is derived from organizational strategy and its policy on overall human resource management. Compensation is a vital part of human resource management which helps in encouraging the employees and improving organizational effectiveness.