Finally, a Bill for the unorganised sector

ECONOMY WATCH

The social security package for the unorganised sector is finally about to unfold as a Bill regarding this is to be tabled in the coming Parliament session.

The Bill based on the recommendations of the Arjun Sen Gupta Committee will be accompanied by two central schemes. The Bill proposes a social security package in the form of health insurance, pension and provident fund benefits for the unorganised sector.

The government expenditure on social security for the unorganised sector so far has been limited to short-lived schemes like the Krishi Samajik Suraksha Yojana and the present government's National Old Age Pension Scheme.

The proposed expenditure on social security for the majority of the workforce coming under the unorganised sector is 0.17 per cent of the GDP according to the Arjun Sen Gupta report. However, the draft Billl on social security has been criticised for not specifying any financial commitment.