Page 2 - Social Security

Decision on FY24 interest rate likely in EPFO board meet on Feb 10

A letter from the social security organisation regarding the convening of the 235th CBT meeting has been sent to all the board members, soliciting their presence in the meeting

Space scientists to sarpanches: 13,000 special guests attend R-Day parade

From space scientists to sarpanches and from entrepreneurs to vendors, 13,000 special guests watched the 75th Republic Day parade on Kartavya Path here Friday. The special invitees referred to as "True VIPs" included best performers in various fields and those who made the best use of various schemes of the government such as the Pradhan Mantri Awas Yojana (Rural & Urban), PM Ujjwala Yojana, PM Street Vendor's Aatmanirbhar Nidhi (PM SVANidhi), PM Krishi Sinchayee Yojana, PM Fasal Bima Yojana, PM Vishwakarma Yojana and the Rashtriya Gokul Mission among others. Sarpanches of 'vibrant villages', women workers of the Swachh Bharat Abhiyan, electronics manufacturing sector and the Central Vista Project, women scientists of ISRO, yoga teachers (Ayushman Bharat), winners of international sports events and Paralympic medalists were also among the invitees.

India negotiating with UK to avoid double contribution to social security

India is working on a treaty with the UK under the proposed Free Trade Agreement (FTA) to avoid double contribution to social security funds by Indian professionals working for limited time period in Britain, an official said on Thursday. Indian professionals working for a limited period in Britain contribute to their social security funds but not able to get its benefit as they return once the projects are complete. "We are negotiating the double contribution treaty with the UK under the FTA. There should not be any double contribution towards social security schemes," the official said. It is a long-standing demand of Indian businesses operating in Britain to cut down on the additional cost burden associated with bringing in skilled Indian professionals on a short-term basis. The compulsory National Insurance (NI) contributions of skilled Indian professionals in the UK on temporary visas remains an additional cost burden of about GBP 500 per employee a year, over and above all .

India to seek greater market access for mangoes in TPF meet with US on Fri

India will raise a number of issues with the US such as inking social security pact, and greater market access for mangoes in America during the Trade Policy Forum (TPF) meet here on Friday, an official said. The official said India will also raise issues pertaining to delay in visa; increasing exports of table grapes, pharma goods, and marine products like wild caught fish and shrimp; reinstating the Generalized System of Preferences (GSP) status to India; and export control regulations for high-tech products and technologies. The 14th TPF meet will be co-chaired by US Trade Representative Katherine Tai and Commerce and Industry Minister Piyush Goyal here. Social security, or totalisation agreement, is a long-pending demand of the country, as it will provide social security to Indian professionals in America. This would eliminate dual social security deduction, both in the home country and in the nation where an employee works. Under this, an expatriate in either country need not

ESIC leads in providing social security benefits by formalising workforce

ESIC is the primary government scheme that provides socio-economic protection against sickness, maternity, disablement, and death due to work-related injuries to employees in the organised sector

Proposed India-UK FTA: Social security impasse prolongs negotiations

India is pushing for a social security pact in the proposed deal, considering that the UK is its second-largest service export destination after the US

Social security benefits for salaried employees shrinking post pandemic

Workers in rural areas, women hit harder

IT, consulting firms lead NPS adoption in private space: PFRDA data

IT and consulting firms account for 131,354 subscribers, followed by the private banking sector, which has 59,521 subscribers, and financial services, which has 38,914 subscribers

The need for loss of income cover: The missing piece of social security net

Within India's ground realities, it is essential to acknowledge the dominant presence of the informal sector, where a considerable demographic derives sustenance from daily wage employment

SBI to enroll customers into social security schemes using Aadhaar

The country's largest lender State Bank of India on Friday introduced a facility to allow customers to enrol in social security schemes by just furnishing an Aadhaar card. SBI Chairman Dinesh Khara unveiled the new feature -- which will be available at the bank's Customer Service Points (CSPs) -- that aims to make the process of enrolling in various social security schemes simpler. Customers visiting CSPs will need only their Aadhaar cards to enrol in schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana, the Pradhan Mantri Suraksha Bima Yojana, and the Atal Pension Yojana, the bank said in a statement. Customers will no longer need to carry their passbooks to the CSPs for such purposes, it said. The aim of the new feature is to empower every section of society by removing barriers for accessing financial security, Khara said, adding that this is expected to significantly widen the coverage of social security schemes.

Kerala govt commences distribution of social security to 6 mn beneficiaries

The Kerala government has initiated the distribution of social security, welfare board pension for the months of May and June in the state, in view of the upcoming Onam festival season. The Left government will be distributing Rs 3,200 each to around 60 lakh beneficiaries and allotted Rs 1,762 crore for this, Kerala Chief Minister Pinarayi Vijayan said in a Facebook post on Saturday. The Left government has been providing welfare board pension of Rs 1,600 each to beneficiaries every month and is currently disbursing the amount for the months of May and June. "Around 60 lakh people will receive Rs 3,200 each as social security pension to celebrate Onam. The state government has set aside Rs 1,762 crore, including Rs 212 crore for the welfare board pension, despite the Union Govt's suspension of funds since 2021. Disbursement will be completed by August 23," Vijayan said in a Facebook post. Attacking the union government, he claimed that even though it has not released its share towa

Odisha extends social security scheme for elderly, widows, others

The Odisha government Monday announced extension of its social security scheme for the elderly, widows and other vulnerable sections, adding over 4 lakh more beneficiaries, officials said. Chief Minister Naveen Patnaik sanctioned the Madhu Babu Pension Yojana' benefits for additional 4.13 applicants, the official said. The decision was based on the feedback received from people during the CMO's outreach programme, he said. The reach of the scheme has been enhanced to 32.75 lakh beneficiaries from 28.61 lakh beneficiaries. The newly sanctioned recipients will get their first pension amount on August 15 in presence of elected representatives, the official said. Under the scheme, beneficiaries including the elderly, widows, persons with disabilities, unmarried women, AIDS patients, transgender persons and orphan children of COVID-affected families receive Rs 500, Rs 700 and Rs 900 per month under different categories.

Process of applying for higher pension on unified portal simple: Ministry

The process of applying for higher pension on the unified portal of EPFO is "simple and easy to understand" and as per the Supreme Court's order last year, Parliament was informed on Monday amid the criticism of unfeasible requirements on the portal. Following the Supreme Court order in November 2022, the Employees' Provident Fund Organisation (EPFO) had given option to subscribers and their employers to jointly opt for higher contributions as per the actual basic wages (higher than threshold of Rs 15,000 per month) on the unified portal. "The process in unified portal for submission of joint options for higher pension is simple and easy to understand and contains simple requirements as per provisions of Employees' Provident Fund (EPF) Scheme, 1952, Employees' Pension Scheme (EPS), 1995 and the judgment of the Supreme Court on November 4, 2022," said Minister of State for Labour and Employment Rameswar Teli in a written reply to the Lok Sabha. The minister said that for convenience

Rajasthan govt tables country's first gig workers bill for social security

Rajasthan government on Friday tabled the Rajasthan Platform Based GIG Workers (registration and welfare) Bill, 2023 country's first such which seeks to guarantee social security to gig workers. The bill provisions for monetary penalties if an aggregator fails to comply with the Act. The state government may impose a fine up to Rs 5 lakh for the first contravention and up to Rs 50 lakh for subsequent contravention. Under the bill, the state will constitute a 'The Rajasthan Platform Based Gig Workers Welfare Board' which will ensure registration of gig workers and aggregators operating in the state. The bill also aims to set up a welfare fee deduction mechanism that will be integrated with the aggregator app. The government also seeks to set up a monitoring mechanism to review compliance of provisions of the Act and to verify if the welfare fee is being deducted regularly. The bill says that a part of the welfare fee will be contributed by the aggregator on the basis of each ...

Providing social protection to people a key aspect of 2030 Agenda: PM Modi

G20 labour ministers adopt outcome document, resolve to address skill gaps globally, protection for gig workers

Social security schemes safeguard underprivileged financially: Sitharaman

Finance minister Nirmala Sitharaman on Tuesday said three social security schemes, including PMJJBY and PMSBY, aim to provide essential financial services to citizens especially underprivileged and safeguard them against unforeseen risks, losses, and financial uncertainties. Three social security (Jan Suraksha) schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) -- were launched on May 9, 2015. The three schemes are dedicated to the welfare of the citizens, recognising the need for securing human life from unforeseen eventualisation and financial uncertainties. In order to ensure that the people from the unorganised section of the country are financially secure, the government launched two insurance schemes -- PMJJBY and PMSBY; and also introduced APY to cover the exigencies in the old age. Speaking on the 8th anniversary of Jan Suraksha schemes, the finance minister said, these schemes aim to provid

Here's why India's gig workforce is still outside purview of basic benefits

The Social Security Code of 2020 offered guidelines to companies for gig work

G20 members discuss resolving social security portability, gender gap

Members of G20 grouping called on plugging the gender gap in the global workforce and resolving portability of social security, an official statement said on Monday. The Labour20 (L20) engagement group's inception meet in Amritsar, Punjab, as part of India's G20 presidency, adopted two joint statements as the final outcome of the two-day deliberations ended on Monday, the Labour Ministry said. Representatives from Russia, India, Australia, Nepal and Bangladesh shared their national experiences on wages and various dimensions, particularly the impact on livelihoods at the event, it said. The joint statements called for resolving the question of portability of social security among G20 nations as a first step towards universalisation of social security, and another for plugging the gender gap in the global workforce, it said. Trade union leaders, labour studies experts and delegates from 20 nations at the Labour20 inception meeting under India's G20 presidency deliberated the ...

L20 adopts joint statement on universalisation of social security

The inception meeting will be followed by an L-20 summit in June before the G-20 labour ministers meeting in the latter part of the year

Social security, labour migration to top discussions at first L-20 meeting

The two-day meet will feature leaders and representatives of trade union centres of G-20 countries and other guest countries