The Employees' Compensation Act, 1923, contains several schedules that are crucial for its application.
Schedule I lists injuries deemed to result in permanent disablement.
Schedule II lists persons who are included in the definition of employee.
Schedule III lists occupational diseases.
Schedule IV provides a table of "Factors for working out lump sum equivalent of compensation." This table lists the relevant age factor to be used in the formula for calculating lump-sum compensation for death or permanent disablement. The factor decreases as the age of the employee increases.
The question has a typo and should refer to Schedule IV.