To calculate the amount of compensation payable under the Employees' Compensation Act, 1923, we need to use the formula:
\[ \text{Compensation} = \text{Factor} \times \text{Monthly Wage} \times 50\% \]Given:
- Factor for 48 years: 159.80
- Monthly wage of the person: ₹ 12,000
Substitute these values into the formula:
\[ \text{Compensation} = 159.80 \times 12000 \times 0.50 \]\[ = 159.80 \times 6000 \]\[= 958800 \]Therefore, the compensation amount payable is ₹9,58,800, which matches with the given correct answer option.
This approach conforms with the Employees' Compensation Act, which uses age-based factors to determine compensation in the event of a fatal accident at the workplace.
Important Questions from Important Bills/Acts
- What was the key focus of the Waqf Amendment Bill introduced in April, 2025 ?
- Arrange the following states chronologically with respect to enactment of ‘Right to Service Act' :
(i) Punjab
(ii) Assam
(iii) Maharashtra
(iv) Gujarat - 101st Constitutional Amendment Act is related with :
- The Code on Wages was notified by the Government of India in the year
- The 'Protection of Children from Sexual Offences' (POCSO) Act was enacted in India in which year ?
