1 2 3 4 5 7 8 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
E- E. E/ E& E1 E2 E3 E4 Ea Ec Ed Ee Ef Eg Ei Ej El Em En Eo Ep Eq Er Es Et Eu Ev Ex Ey
Ema Emb Emc Eme Emf Emg Emp Emt

Employee’s cost basis

In a retirement plan, an amount that is subtracted from the total amount of distribution to the plan to determine the amount of the distribution subject to federal tax. Cost basis is the amount on which an employee has already been taxed. It includes the amount of nondeductible contributions made to the plan by the participant, cost of plan-provided life insurance reported as taxable income by the participant, and amount of employer contributions previously taxed as income to the participant.

Employee’s Compensation Insurance

The Policy protects the employers against their legal liability to their employees for payment of compensation arising as a result of death or disablement of the employees arising out of and in the course of employment. This liability may arise under the Workmen’s Compensation Act, 1923; the Fatal Accidents Act, 1855 or at Common Law. (1) The Workmen’s Compensation (Amendment) Act, 2009 is now renamed as The Employee’s Compensation (Amendment) Act, 2009 and wherever “workman” or “workmen” is mentioned in the entire Act the same needs to be read as “Employee”…(2) The compensation payable on death from the injury, is (i) minimum of Rs. 80000 is increased to Rs. 120000 or (ii) 50% of the monthly wages of deceased multiplied by the relevant factor. (3) The compensation payable on Permanent Total Disablement from the injury, is (i) minimum of Rs. 90000 is increased to Rs. 140000 or (ii) 60% of the monthly wages of deceased multiplied by the relevant factor. Table ‘A’ cover: Provides indemnity against legal liability under The Employee’s Compensation (Amendment) Act, 2009 Act, Fatal Accidents Act and Common Law. This may be issued for only those employees who come within the purview of the definition of ‘employee’ under the Act. Table ‘B’ cover: Provides indemnity against legal liability under the Fatal Accidents Act and Common Law. This may be issued to cover only those employees who are not ‘employee’ within the meaning of the term under the Employees Compensation (Amendment) Act, 2009.

Employee/employer relationship

An employee works under a contract of service; an independent contractor works under a contract for services. However, the courts consider the actual relationship rather than rely upon what the parties call their arrangement. The relationship affects an individual’s employment rights, his entitlement to health and safety provision and also affects the employer’s vicarious liability for the individual’s torts. The courts use a variety of tests to determine the relationship: the control test; mutuality of obligation; integration test; and the financial risk test (employees do not take this risk). Regard is also paid to the contractual arrangements, methods of payment, etc. Insurers write their own definition of employee into liability policies.

Employee/passengers

Employers’ liability policies exclude indemnity in respect of any liability covered by compulsory Road Traffic Act insurance. Consequently an employer faced by a claim from an employee injured as a passenger, in circumstances in which compulsory motor insurance applies, will claim under his motor policy.

Employees’ State Insurance Scheme

Scheme was introduced under ESI Act, 1948 for blue-collar workers employed in the formal private sector. The Scheme provided for comprehensive health service through a network of its own dispensaries and hospitals. It is also supplemented by services purchased from Authorized Medical attendants and private hospitals. The scheme is largely financed through a contribution from employers and employees which is supplemented by the Central and State governments. The Scheme covers over 60 million beneficiaries as of March 2015.

Employer

1. In workers’ compensation, an employer includes any person or entity that engages the services of a person. It includes an individual employer, partnership, legal representative of a deceased employer, or a corporation. It also includes the state and every state agency, every country, every city, and all public and quasi-public corporations and agencies. 2. Under Medicare Secondary Payer guidelines, in addition to individuals (including self-employed persons) and organizations engaged in a trade or business, other entities exempt from income tax such as religious, charitable, and educational institutions. Included are the governments of the United States, the individual states, Puerto Rico, the Virgin Islands, Guam, American Samoa, the Northern Mariana Islands, the District of Columbia, and foreign governments.

Employer bulletin board service

Electronic bulletin board service offered by the coordination of benefits (COB) contractor. Employers who have to report on fewer than 500 workers can fulfill their requirements under the Internal Revenue Service/Social Security Administration/Health Care Financing Administration (IRS/SSA/HCFA) data match law by downloading a questionnaire entry application from the bulletin board. The information will be processed through several logic and consistency edits. Once the employer has completed the information, he or she will return the completed file through the bulletin board.