Insurance benefits, wage premiums and the value of injury risks
By: Shanmugam, K.R.
Material type:
ArticlePublisher: 1999Description: p.1-11.Subject(s): Workers compensation | Insurance | Labour
In:
Manpower JournalSummary: This paper aims to assess the labour market implications of workers' compensation level, using the primary data on manufacturing industrial workers in Chennai, and job related injury risks provided by the Chief Inspector of Factories and State worker's benefit formulas. The empirical results strongly support the hypotheses of positive compensating wage differentials for job injuries and negative trade-off between wages and compensation benefits. The value of injury risk is estimated to be Rs.7632 - Rs.11440. The results also show that benefit levels provided by the Employee's State Insurance Scheme and the Workmen's Compensation Act provide suboptimal levels of income insurance. - Reproduced
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Articles
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Indian Institute of Public Administration | Volume no: 35, Issue no: 1 | Available | AR42294 |
This paper aims to assess the labour market implications of workers' compensation level, using the primary data on manufacturing industrial workers in Chennai, and job related injury risks provided by the Chief Inspector of Factories and State worker's benefit formulas. The empirical results strongly support the hypotheses of positive compensating wage differentials for job injuries and negative trade-off between wages and compensation benefits. The value of injury risk is estimated to be Rs.7632 - Rs.11440. The results also show that benefit levels provided by the Employee's State Insurance Scheme and the Workmen's Compensation Act provide suboptimal levels of income insurance. - Reproduced
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