New Universal Social Security scheme
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❡— A comprehensive social security system that provides retirement, health, old-age, disability, unemployment and maternity benefits to the 500 million workers ❡—
It proposes to pay outright for poorest 200m workers (or 40% of total); and expects remaining 60% to contribute, wholly or partially for themselves during their working life.
◙ Phase 1 (Rs 20k cr, start after 1 - 2 yrs? ) : Bare minimum benefits, for retirement and health security for all workers
◙ Phase 2 : (from 3 - 5 yrs?) : Enhanced retirement, health and unemployment benefits for all workers
◙ Phase 3 (Rs 2 lakh cr?, by 5 - 10yr?) : All benefits at adequate levels
Tiers of contributors
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1. Destitute and BPL that are too poor to make any contribution
2. Unorganised sector workers who can make some contribution
3. Formal sector workers that don't earn enough to pay fully. Employer pays part of their contribution
4. Affluent persons that will make their own arrangement or pay fully to join the scheme.
Comment
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It helps clear the way for labour reforms. If it can bring about meaningful labour reforms, it could be worth fast-tracking this scheme. Govt can also target specific industries or export clusters for an early phase 2 roll-out.
〰️〰️〰️〰️〰️〰️〰️〰️〰️〰️〰️〰️
❡— A comprehensive social security system that provides retirement, health, old-age, disability, unemployment and maternity benefits to the 500 million workers ❡—
It proposes to pay outright for poorest 200m workers (or 40% of total); and expects remaining 60% to contribute, wholly or partially for themselves during their working life.
◙ Phase 1 (Rs 20k cr, start after 1 - 2 yrs? ) : Bare minimum benefits, for retirement and health security for all workers
◙ Phase 2 : (from 3 - 5 yrs?) : Enhanced retirement, health and unemployment benefits for all workers
◙ Phase 3 (Rs 2 lakh cr?, by 5 - 10yr?) : All benefits at adequate levels
Tiers of contributors
1. Destitute and BPL that are too poor to make any contribution
2. Unorganised sector workers who can make some contribution
3. Formal sector workers that don't earn enough to pay fully. Employer pays part of their contribution
4. Affluent persons that will make their own arrangement or pay fully to join the scheme.
Comment
It helps clear the way for labour reforms. If it can bring about meaningful labour reforms, it could be worth fast-tracking this scheme. Govt can also target specific industries or export clusters for an early phase 2 roll-out.
Modi readies Rs 2 lakh crore social security plan for 50 crore Indians, rollout likely in 3 phases
economictimes.indiatimes.com
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- Govt will fast track social security laws.
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