Topic of the Day- Social Security Schemes

Social Security Schemes

  • The Government of India is to a great degree worried about the old age income security of the working poor and is centered around urging and empowering them to join the National Pension System (NPS).
  • The Government had begun the Swavalamban Scheme in 2010-11 to address the life span dangers among the specialists in unorganized sector and to energize the laborers in sloppy part to deliberately put something aside for their retirement.
  • The workers in unorganized sector constitute 88% of the total workforce of 47.29 crore according to the 66th Round of NSSO Survey of 2011-12.
  • The workers in unorganized sector don’t have any formal annuity arrangement.
  • Be that as it may, scope under Swavalamban Scheme is insufficient for the most part because of absence of lucidity of annuity benefits at the age after 60.
  • The government has propelled three aspiring Social Security Schemes relating to the protection and benefits area.
  • This would be a way breaking activity towards giving moderate all inclusive access to basic government disability assurance in an advantageous way connected to auto-charge office from the financial balance of the endorser.
  • The two protection plans, to be specific Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) would give protection cover in the terrible occasion of death by any reason/demise or inability because of a mishap, while the benefits conspire, Atal Pension Yojana (APY), would address seniority pay security needs.
  • The helpful conveyance system of the plans is required to address the circumstance of low scope of life/mishap protection and maturity pay security items in the nation.
  • The Finance Minister has reported another scheme called Atal Pension Yojana (APY) in his Budget Speech for 2015-16.
  • The APY will be focussed on all natives in the unorganized sector, who join the National Pension System (NPS) managed by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not individuals from any statutory government disability plot.