Value of Statistical Life (VSL): VSL is the rate of substituting the possibility of survival and income, that is, a trade-off between survival and money. Governments employ this crucial indicator of health risk at work, which is based on job characteristics and personal attributes, for cost-benefit analysis and risk monetisation.
where VSLp is the VSL of population, VSLYi is the value of statistical year of group ‘i’(John et al., 2023).