Social Security In India
Social security may be a fundamental right enshrined within the Constitution of India. Employees State insurance Act applies to any establishment with 5 or more workers. Workman's Compensation Act requires payment of compensation to the worker or his family in cases of employment related death only.
Any of the measures established by legislation to take care of individual or family income or to supply income when some or all sources of income are disrupted or terminated or when exceptionally heavy expenditures need to be incurred (e.g., in mentioning children or paying for health care).
Social security may provide cash benefits to persons faced with sickness and disability, unemployment, failure , loss of the marital partner, maternity, responsibility for the care of young children, or retirement from work.
Social security benefits could also be provided in cash or kind for medical need, rehabilitation, domestic during illness reception , legal aid, or funeral expenses
It acts as a facilitator – it helps people to plan their own future through insurance and assistance.
India has always had a Joint Family system that took care of the Social Security needs. However with rise of migration, urbanization, nuclear families and demographic changes, Joint family system has declined. Hence we'd like a proper system of Social Security.
Definition
Every person is faced with social problems and risks at some time in his life span due to risks associated with sickness, accident, unemployment, disability, maternity and old age. The Social Security Policies are intended to mitigate or provide cover the costs for these problems and risks faced by persons exposed to these situations.
Features of Social Security
- Most essential features of Social Security are –
- Mandatory / Non Optional
- government provided and
- provisions of entitlements and enforcements.
- Configured through Law
- Can be Taxpayer funded or Contribution funded or Employer funded (or combination of these)
- Aimed at providing means to the member, a means to handle risks and eventualities
- Procedural guarantees for complaints and appeals
- Components are as per ILO Reference : Social Security (Minimum Standards) Convention (no. 102)
Social Security In India
Social Security Act In India