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
Match List I with List II :
List I List II a. 26td Constitutional Amendment
b. 52nd Constitutional Amendment
c. 86td Constitutional Amendment
d. 103rd Constitutional Amendmenti. Reservation for EWS
ii. Education as fundamental right
iii. Abolition of Privy Purse
iv. Anti defection lawChoose the correct answer from the options given below :
- The Tenth Schedule to the Constitution of India relates to:
- The amending power of the Parliament is set forth in which one of the following Articles of the Constitution of India?
- Who, among the following Presidents of India, sent back the Post Office (Amendment) Bill, 1986 for the reconsideration of the Parliament?
- Which of the following statements is/are correct?
1. The abolition of the Official Secrets Act, 1923 was recommended by the Second Administrative Reforms Commission
2. The Right to Information Act was enacted in 2005
Select the answer using the code given below :
