Public sector undertakings (PSUs) in FY23 reported significantly higher rates of high-consequence work injuries and fatalities compared to the private sector, according to a latest report by IIAS, a proxy advisory firm.
In FY23, PSUs reported an average of 2.4 high-consequence work injuries, compared to 1.7 in the private sector. The disparity extends to fatalities as well, with PSUs experiencing an average of 2.2 fatalities, significantly higher than the 0.8 reported in the private sector. The report considered Nifty 500 companies for the analysis.
High consequence injuries are severe injuries that result in significant and long-lasting impacts on an individual's health.
This reason in part can be explained by the nature of the PSU business that tends to focus on the manufacturing sector especially sectors like metals, mining, power, and oil & gas, said the report. Another probable cause is that PSUs lag behind private sector companies in training their workforce, it added.
The percentage of workforce trained in PSUs indeed lags behind that of private sector companies as in FY23, only 42 percent of PSU employees received training compared to 71 percent in the private sector.
Average fatalities were the highest in oil, gas, energy, and allied services at 5. Further, average fatalities were at 1.7 for services and 1.3 for utilities, said the report.
On Insurance
The report said that 327 out of Nifty 500 companies have provided health and accident insurance coverage to all of their workforce including employees and workers. "As health insurance among workforce increases, average time lost due to injury comes down. This is because workers get the right treatment and are able to resume work within a shorter duration," said the report.
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