Central Government Social Security Scheme


Key information:

  • Launched on: 8th January 2018 
  • Commencement from: Mid. of the year 208 
  • Launched by: Central Government of India 
  • Policy formulation: The Ministry of Labour and Employment 

Objective:

  • 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 

Introduction:

  • 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. 

Reasons behind launching this scheme

  • 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. 

Highlights of the Scheme

  • 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. 
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