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Workmen's Compensation Act, 1934

Redemption of weekly payments.

27.—(1) Where any weekly payment to a workman, whose incapacity is permanent, has been continued for not less than six months, the employer of such workman may, at any time after such workman has attained the age of twenty-one years and before he has attained the age of fifty years, apply to Court for an order redeeming his liability to make such weekly payment, and upon such application being made the Court shall order that such liability shall be redeemed, as from the date of such application, by the payment by such employer of a lump sum of such amount as would, if invested on the date of such application in the purchase of an immediate life annuity, purchase an annuity for such workman equal to seventy-five per cent. of the annual value of such weekly payment.

(2) For the purposes of the immediately preceding sub-section a life annuity shall be deemed to be puchasable at a price calculated in accordance with the Table set out in the Fourth Schedule to this Act and not otherwise.

(3) Where any weekly payment to a workman, whose incapacity is not permanent, has been continued for not less than six months, the liability of the employer of such workman for such weekly payment may, on application to the Court by or on behalf of such employer, be redeemed by the payment of a lump sum of such amount as may be determined by the Court.

(4) Any such lump sum as is mentioned in sub-sections (1) or (3) of this section may be ordered by the Court to be invested or otherwise applied for the benefit of the person entitled thereto.

(5) Where an application is made under sub-section (3) of this section for the redemption of the weekly payment to a workman under the age of twenty-one years at the date of such application, the right which such workman, if the redemption did not take place, would have to have such weekly payment increased on a review under sub-section (2) of section 25 (which relates to reviews of weekly payments) of this Act shall be taken into account.