The Centre has sought suggestions from the Insurance Regulatory Development Authority of India (Irdai) and General Insurance Council (GI Council) on the feasibility of an insurance cover for dealing with retrenchment, said people in the know. This comes in the wake of a large number of salaried individuals losing their jobs due to Covid.
In a recent letter to the Prime Minister, Union Minister for Road, Transport, and Highways Nitin Gadkari had suggested the need for an insurance product that gives subsistence salary for a limited period of time in case of job losses due to technological advancement, act of