Generally the concept of social security
system includes not just an insurance payment of premiums into government funds
but also lump sum employer obligations. In India social security mainly includes
pension, health insurance, gratuity etc. A great deal of the Indian population
is in the unorganized sector and does have an opportunity to participate in the
social security.
The
employees provident fund organization which is under the ministry of labor and
employment ensure pension and family pension in case of death during service.
Only near about 35 million out of a labor force of 400 million has access to
social security in the form of old age income protection in present. Out of
these 35million 26 million employees are member of the employees provident fund
organization. The employees provident fund system is contributed to by the
employer and the employee. The employees’ pension system is contributed to by
the employer and the government but not the employee.
There
is a national health service in India but that does not include free medical
care for the whole population of India. The employee’s state insurance act
creates a fund to provide a medical care to the employees and their families
those working in factories.
The
workmen's compensation act requires the employer to pay compensation to
employees or their families in case of employment related injuries resulting in
death or disability. Compensation calculation depends on the situation of occupational
disability. In case of death, 50% of the monthly wage multiplied by the
relevant factor or an amount of INR 80000. In case of total permanent
disablement 60% of the monthly wage multiplied by the relevant factor or an
amount of 90000. The compensation act also includes permanent disablement and
temporary disablement.
The
maternity benefit act requires an employer to offer 12 week wages during
maternity as well as paid leave in certain other connected contingencies. The
maximum period for which any women shall be entitled to maternity benefit shall
be 12 weeks, six weeks up to and including the day of her delivery and six
weeks immediately following that day.
In may 2015 Prime Minister Narendra Modi announced
in Kolkata that near about five crore five lakh people have enrolled themselves
in the three new national social security system in the week before the
official launch. The schemes include two insurance products and one pension
product, targeted mainly towards the unorganized sector and economically weaker
population. A massive 80% of the country’s population is still outside the
insurance coverage while the government estimated that merely 11% of the
working population are under pension net.
The
new life insurance plan the Pradhan Mantri Jeevan Jyoti Bima Yojana will offer
INR 2 lakh cover at INR 330 premium every year. Bank account holders in the age
of 18 to 50 years are eligible for this facility. Pradhan Mantri Suraksha Bima
Yojana will offer a renewable one year accidental death or disability cover of
INR 2 lakh at INR 12 premium every year. The insured will get INR 1 lakh in
case of partial permanent disability. Atal Pension Yojana is for the people in
the unorganised sector who are outside a formal pension.
Pabitra Pandey
(PG MEDIA 2015-2017)
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