Compensation basically is the act or state of compensating. The most well known form of compensation is Worker's compensation which is a type of insurance which offers compensation for workers who have been injured in the course of employment.
Though methods vary among jurisdictions, provision can be made for weekly payment in the for of wages, compensation for economic loss, reimbursement and payment of medical bills, general damages for pain and suffering and benefits payable to the family of the employee killed during work.
Cash benefits are recognized according to state formulas like utmost benefit level. These benefits are managed on a state level, mainly by the state department for labour. The laws of compensation are a characteristic of highly advanced industrial societies, put into practice after long and hard fought struggles made by trade unions.
Though methods vary among jurisdictions, provision can be made for weekly payment in the for of wages, compensation for economic loss, reimbursement and payment of medical bills, general damages for pain and suffering and benefits payable to the family of the employee killed during work.
Cash benefits are recognized according to state formulas like utmost benefit level. These benefits are managed on a state level, mainly by the state department for labour. The laws of compensation are a characteristic of highly advanced industrial societies, put into practice after long and hard fought struggles made by trade unions.
