Page 4 - Social Security

Worker groups demand social security fund for unorganised workers in Budget

The matter was also discussed with the finance minister Nirmala Sitharaman on Monday as central trade unions made representations as part of the pre-Budget consultation

Khandu approves Rs 100 cr under CM's Social Security Scheme in Arunachal

Hours after being sworn in, Arunachal Pradesh Chief Minister Pema Khandu on Thursday signed his first official document, approving the release of Rs 100 crore under the Chief Minister's Social Security Scheme (CMSSS) which will benefit approximately 80,000 people across the state. The CMSSS, a state flagship programme, provides pensions to elderly persons above 60 years, widows, and divyang jan (differently abled). "Considering the fact that preparations for the state budget has been delayed due to the general elections, it is necessary that the benefits under CMSSS reach the needy beneficiaries at the earliest," he said. Guided by the principles of Antyodaya, the state government is dedicated to the most vulnerable and marginalised sections of society, an official communiqu said. In the last financial year, Rs 90 crore was allocated under the scheme benefiting 56,030 elderly persons, 8,782 widows and 3,950 differently abled. The Khandu government had launched the scheme in 2019 a

Govt should create centralised authority for gig workers, says report

The report consulted with 10 platforms having nearly 4.5 million workers and a total revenue of Rs 56,400 crore along with two workforce providing platforms

Govt has taken various measures to enhance social security net: Khattar

Haryana Chief Minister Manohar Lal Khattar on Friday said the state government has taken various measures to enhance the social security net for people. While presenting the budget for 2024-25 in the Assembly, Khattar, who also holds the finance portfolio, said the 'Old Age Samman Allowance' and related pensions are now Rs 3,000 per month, higher than Rs 1,000 in December 2014. The provision for social security pensions has been increased from Rs 1,753 crore in 2013-14 constituting 3.2 per cent of the total budget expenditure to Rs 10,971 crore in FY 2024-25, constituting 5.78 per cent of the total budget expenditure, he said. The total number of beneficiaries is now over 31.51 lakh increasing from 22.64 lakh in December 2014, said Khattar. "We have taken the government to the doorstep of the beneficiary with the implementation of the 'Old Age Samman Allowance', 'Divyang Pension', and widower pension for those above the age of 40 years and have been widowed and unmarried pension fo

Nagaland govt employees protest, demand restoration of old pension scheme

A large number of government employees in Nagaland took to the streets on Friday, demanding scrapping of the new pension scheme' and restoration of the earlier system. State government employees recruited after 2010, the year the new pension scheme was implemented, converged at the civil secretariat junction here under the aegis of the Nagaland National Pension System Government Service Employees' Forum (NNPSGSEF). NNPSGSEF president Moanungsang said the peaceful dharna was held to stand in solidarity with the national strike organised by the All India State Government Employees Federation (AISGEF). He said the forum had submitted a representation to the state government in September 2023, but there has been no response. NNPSGSEF said the old pension scheme provided social security to employees with guaranteed life-time reasonable pension. However, the new scheme does not provide social security and guarantees lower pension per month to long-surviving pensioners, it claimed.

EPFO recommends 8.25% interest rate on employees' provident fund for FY24

The previous high level of EPF interest rate was at 8.5% in 2019-20

Odisha CM raises pension for beneficiaries under social security schemes

In a relief for the distressed people covered under various social security schemes, Odisha Chief Minister Naveen Patnaik Saturday announced a hike of Rs 500 each in their monthly pension. As many as 36.75 lakh beneficiaries would receive the revised amount from February. Each of them will receive the minimum enhanced amount between February 20 and 25, a release issued by the CMO said. The beneficiaries include elderly, widows, persons with disabilities, unmarried women, AIDS patients, transgenders, orphan children and widows of COVID victims. In 2008, the state government introduced the Madhu Babu Pension Yojana (MBPY) after merging two old schemes of the 1980s. Under the MBPY scheme, beneficiaries up to 79 years of age were eligible for a monthly pension of Rs 500, while those beyond 80 years Rs 700 per month. Similarly, beneficiaries with 60 per cent or more disability and above 80 years of age were eligible for a monthly pension of Rs 900. They will now get Rs 1,000, Rs 1,20

EPFO fixes 8.25% interest rate on employees' provident fund for 2023-24

Retirement fund body EPFO on Saturday fixed a three-year high interest rate of 8.25 per cent on employees' provident fund (EPF) deposits for 2023-24. In March 2023, the Employees' Provident Fund Organisation (EPFO) had increased the interest rate on EPF marginally to 8.15 per cent for 2022-23 from 8.10 per cent in 2021-22. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its over six crore subscribers, from 8.5 per cent in 2020-21. This was the lowest since 1977-78, when the EPF interest rate stood at 8 per cent. "The EPFO's apex decision making body Central Board of Trustees (CBT) has decided to provide 8.25 per cent rate of interest on EPF for 2023-24 at its meeting on Saturday, a source said. The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by CBT in March 2021. After the CBT's decision, the interest rate on EPF deposits for 2023-24 will be sent to Ministry of Finance for concurrence. After th

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.