MCO 04 Solved Assignment
MCO 04 Solved Assignment Business Environment (MCO 04)
Master of Commerce
Second Year Assignments
For July 2020 and January 2021 admission cycle
July 2020 and January 2021
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Title – Business Environment (MCO 04)
University – Ignou
Assignment Types – PDF, SOFT COPY /Handwritten on order
Course – Master of Commerce
(M.Com) Second Year Assignments
Medium / Language –ENGLISH / HINDI MEDIUM
Session – JULY 2020, JANUARY 2021
Subjects code – MCO 04
Assignment Submission Date – July 2020 session के लिए – 31 March 2021, January 2021 session के लिए – 30 September 2021.
MCO 04 Solved Assignment 2020 – 2021
Q. 2. Explain the provisions of the Workmen’s Compensation Act, 1923 regarding employer’s liability and the amount of compensation payable for injury caused to an employee in course of employment.
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Ans. The Workers Compensation Act, 1923 promises social security to all the employees working in an organisation. Under this act, the employee receives compensation for his injuries he has received in due course of
employment. There is also a special compensation allotted for several occupational diseases. Besides, it also helps the dependents of the family who have been bereaved owing to the accidents in some factories etc.
Employers’ liability in cases of occupational diseases: It becomes the employer’s liability to pay compensation if the employee develops any occupational disease. The schedule III of the Act gives a brief description of the diseases that needs to be compensated for. Besides, there is a classification done on three parts that define the kinds and compensations and norms for the payment of compensation.
Under part A of the schedule, there is no specified period, however, in part B, the workman needs to be a part of the organisation for at least six months. However, in part B, the worker should remain in service of one or more employers for a continuous period.
MCO 04 Solved Assignment PDF 2021
Employers’ liability in case of personal injury by accident: The employers should pay compensation if there is personal injury that can either be personal or physical or a nervous shock or breakdown or a mental strain.
However, there should be a casual connection between the employment and the accident injury, besides, the cause of accident must be proximate. Further, at the time of accident, the work must be engaged to his duty.
MCO 04 Business Environment Solved Assignment 2021
Amount of Compensation: The amount of compensation payable is directly proportional to the extent of the injury.
Some of the compensation that is being distributed in the organizations is as follows:
1. When there is a death from injury, the compensation is payable to the eldest dependant. The amount in this case comes to be 50 pc of the monthly wage of the deceased workman which can be multiplied by the related factor or else Rs 50000 whichever is more.
MCO 04 Solved Assignment
2. In case of a permanent disablement resulting from certain injury, there is a compensation of 60 per cent of the
monthly wage which can be multiplied by the relevant factor according to schedule IV.
3. In case of permanent partial disablement resulting from injury, the compensation account that needs to be paid is calculated as:
When there is an injury noted in part II of the schedule I, the amount payable is the percentage loss of earning capacity. Secondly, when there is a case of injury that is not special in Schedule I, the percentage of amount payable in case of permanent total disablement is directly proportional to the loss of earning capacity.
MCO 4 Solved Assignment 2020 – 2021
4. The temporary disablement brings a compensation which is half monthly payment. It is equivalent to 25 pc of the monthly wages of workman.
However, the employer is not liable to pay compensation in several cases. Some of these include certain conditions such as if the injury has not resulted in total or partial disablement or else if the injury has not resulted to death when the employee was drunk, when he disobeyed the order or when he on his own wish removed certain safety devices.
MCO 04 Solved Assignment in English Medium