Central Government Social Security Scheme

Key information:

To give equal benefit to organized as well as unorganized sector labours and workers
To guarantee social security to the poor section of the labourers

The central government of India has launched social security scheme but the commencement will start at the letter part of the year 2018.
An aim of this scheme is to cover all the formal and informal sector labour and workers.
This scheme will give assurance and take care the weaker section of the workers along with it this scheme will give safety to informal sector workers.
The financial allocation for this scheme will be subsumed by the central government and state government also.
This scheme will help to bring unorganized sector workers to an organized economy.

In a survey, it is found that around 93% of the workforce across the country is in the disordered sector.
Another reason is that the workers who work in the same job but their working situations, wages and safety coverage are very poor as compared to the formal sector workers.
In the EPFO and ESIC, the employer and employee have to make the same contribution but sometimes the employee is not in a position to contribute.
This scheme will particularly focus on the workers of a poor section.

The Ministry of Labour and Employment has drafted a blueprint of the social security scheme to implement in the whole nation.
This scheme is going to cover various benefits like pension, Disability and Death insurance, Maternity Benefits and Medical along with the Unemployment Allowances.
The financial allocation for this scheme will be subsumed by the central government and state government also.
This scheme will cover those workers and labours who are not included under the Employee Provident Fund Organization (EPFO) and Employee State Insurance Corporation (ESIC)
The central government has also planned to give Rs 300 for a pension to the old age people and the state government will also allocate some fund for it.
To make this scheme successful, the central government has introduced “Code on Wages Bill” which intends to settle a national minimum wage for the workers. This code will merge 44 labour laws into 4 codes which are related to Industrial Relations, Wages, Social Security, Safety, Health and Working Conditions.
The Acts are Minimum Wages Act, 1948, Payment of Wages Act, 1936, Payment of Bonus Act, 1965 and Equal Remuneration Act, 1976.