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Needed, a well-crafted social security net for all
Context:
India needs to aspire to provide social security to its entire workforce, in a manner that is fiscally and administratively feasible.
India’s present social security stance
- Lack of Social Security: Around 53% of India's salaried workers there is lack social security benefits, including provident funds and health insurance.
- Low Utilization: Policy announcements on social security have limited budget allocation and poor utilization, leaving schemes ineffective.
- Systemic Issues: CAG audits reveal underutilized funds, stagnant pensions, and mismanagement in social security schemes, highlighting significant policy and implementation challenges.
Schemes overseas
- Brazil's Comprehensive System: Brazil's contribution-based system provides broad coverage for income loss due to accidents, disabilities, illnesses, family responsibilities, and even imprisonment.
- Focusing Inclusive Approach: The system covers health care and unemployment, backed by National Treasury if funds are lacking, with easy benefit access in countries abroad like Canada.
- India's Informal Sector Challenge: With 91% in the informal sector, India's workforce lacks social security. The 2020 Social Security Code doesn't sufficiently address informal workers' needs.
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