Social Security in India - 5 Key Aspects & Recent Developments -Examrace

Social Security in India – 5 Key Aspects & Recent Developments -Examrace



Dr. Manishika Jain in this video explains the concept of Social Security in India and the Recent Developments
Article 22- Universal Declaration of Human Right
Everyone, as a member of society, has the right to social security and is entitled to realization, through national effort and international co-operation and in accordance with the organization and resources of each State, of the economic, social and cultural rights indispensable for his dignity and the free development of his personality.

Article 22 – Universal Declaration of Human Right @0:14
US versus World @1:30
ILO – Social Security @2:42
Income Maintenance @3:46
Social Insurance @3:51
Means – Tested Benefits @4:07
Discretionary Benefits @4:22
Non – Contributory Benefits @4:31
Universal or Categorical Benefits or Demogrants @4:50
The Need @5:27
Social Security in India @7:47
EPFO @10:21
Organized Sector @12:21
NPS – National Pension Scheme @13:15
PPF @14:39
Pradhan Mantri Suraksha Bima Yojna (PMSBY) @15:32
Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) @16:24
Atal Pension Yojana (APY) @16:53
Jan Dhan Yojana @18:00
Universal Basic Income: A Conversation With & Within the Mahatma @19:00
Development on Way @21:14
#Veterans #Discretionary #Contributory #Injuries #Maternity #Survivor #Insurance #Accordance #Indispensable #Vulnerable #Manishika #Examrace

NPS – National Pension Scheme
Pension Fund Regulatory and Development Authority (PFRDA) on 10th October, 2003
Retirement income to all citizens – Since 2009
Initially for new govt. recruits (except armed forces)
Swavalamban Scheme: Encourage people from the unorganized sector to voluntarily save for retirement
Permanent Retirement Account Number (PRAN) – Unique & same
Tier I Account: Non-withdrawable account (resident/NRI)– Deduction under 80C
Tier II Account: Voluntary savings facility: Free to withdraw with no tax benefits
PPF
By National Savings Institute of the Ministry of Finance in 1968
Rate from 1 Apr 2016 is 8.1% per annum
Interest is non-taxable
Mobilize small savings
Deduction under 80 C
Maximum Rs. 1.5 lakh per year
Pradhan Mantri Suraksha Bima Yojna (PMSBY)
Risk coverage in case of accidental death, full or partial disability
Insured amount for accidental death and full disability is Rs.2 lakh
Rs.1 lakh for partial disability
Annual premium of Rs.12 – auto-debited by the bank
Age – 18 to 70 years
Aadhar linked bank account – opt in every year by 1st June
Ministries can co-contribute premium for beneficiary from Public Welfare Fund (created in 2015-16) out of unclaimed money
Pradhan Mantri Jeevan Jyoti Bima Yojna( PMJJBY)
Benefit in case of death
Age – 18 to 50 years
If joined before 50 years – can benefit till 55 years
Annual premium – Rs 330 – Auto-debited from bank
Sum assured Rs. 2 Lakh

Atal Pension Yojana (APY)
Uninsured workers in unorganized sector under NPS
Contribution on a monthly, quarterly, half yearly basis
Account will not be deactivated unless balance gets zero
Voluntary exit is now allowed
Age – 18 to 40 years
Minimum pension after 60 years of age
Half yearly contribution of Rs. 248 at 18 years or Rs. 685 at 30 years – pension of Rs. 1000 per month
Jan Dhan Yojana
Universal banking coverage across all 6 lakh villages in India
One basic bank account per household – Rupay debit card, pension and insurance
Bring excluded section in financial mainstream
Efficient transfer of subsidies
Economic equality
Remove financial untouchability
Aim – Jan Dhan to Jan Suraksha

Universal Basic Income: A Conversation With & Within the Mahatma
Chapter in Economic Survey 2016-17

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Dr. Manishika Jain served as visiting professor at Gujarat University. Earlier she was serving in the Planning Department, City of Hillsboro, Hillsboro, Oregon, USA with focus on application of GIS for Downtown Development and Renewal. She completed her fellowship in Community-focused Urban Development from Colorado State University, Colorado, USA. For more information – untagged

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