Indian Organisations and Institutions for Social Security – In India, several organizations and institutions have been established to provide social security to citizens. Some of the prominent ones are:
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Indian Organisations and Institutions for Social Security
- Employees’ Provident Fund Organization (EPFO): It is a statutory body under the Ministry of Labour and Employment that manages the Employees’ Provident Fund (EPF) and the Employees’ Pension Scheme (EPS) for employees in the organized sector.
- Employees’ State Insurance Corporation (ESIC): It is a social security organization that provides medical and cash benefits to employees in the organized sector.
- National Pension System (NPS) Trust: It is a pension fund regulatory and development authority that manages the National Pension System (NPS) for all citizens.
- Life Insurance Corporation of India (LIC): It is a government-owned insurance company that provides life insurance and pension products to citizens.
- Pension Fund Regulatory and Development Authority (PFRDA): It is a regulatory body that oversees and regulates pension funds in India.
- National Social Assistance Programme (NSAP): It is a centrally sponsored scheme that provides financial assistance to elderly, disabled, and widowed individuals living below the poverty line.
- National Health Insurance Scheme (Ayushman Bharat): It is a health insurance scheme launched by the government of India that provides financial protection to families for hospitalization expenses.
These organizations and institutions work towards providing social security and financial assistance to citizens in need. They play a vital role in ensuring the well-being of the citizens and promoting a better quality of life.
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Social Security Organisations
The Code on Social Security, 2019 was introduced in Lok Sabha by the Minister of State for Labour and Employment, Mr Santosh Kumar Gangwar, on December 11, 2019. It provides for the establishment of several bodies to administer the social security schemes.
- A central board of Trustees, headed by the central provident fund commissioner, to administer the EPF, EPS and EDLI Schemes,
- An employee’s state Insurance Corporation, headed by a chairperson appointed by the central government, to administer the ESI scheme,
- National and state-level social security boards, headed by the central and state ministers for Labour and employment, respectively, to administer schemes for unorganised workers, and
- State-level building workers’ welfare boards, headed by a chairperson nominated by the state government, to administer schemes for building workers.
|Employees Deposit Linked Insurance Scheme (EDLI Scheme)||It extends the benefits of Life insurance to private sector employees. It is provided by EPFO. The registered nominee receives a lump-sum payment in the event of the death of the person insured, during the period of the service.|
|Employees Pension Scheme (EPS)||It is a social security schemes provided by EPFO. The scheme makes provisions for employees working in the organised sector for a pension after their retirement at the age of 58 years. However, the benefits of the Scheme can be availed only if the employee has provided a service for at least ten years (this doesn’t have to be continuous service). EPS was launched in 1995 & allowed existing and new EPF members to join the scheme.|
1. Central Board of Trustees
The Central Board of Trustees, EPF is a statutory body constituted by the Central Government under the provisions of section 5A of the Employees’ Provident Funds and Miscellaneous Provisions Act,1952 (Act 19 of 1952). The tenure of the Board is five years. The constitution of the Board as per section 5A of the Act is as under:
- Chairman u/s 5A(1)(a)
- Vice-Chairman u/s 5A(1)(a)
- Central Provident Fund Commissioner (ex officio) u/s 5A(1)(aa)
- 5 Central Government Representatives u/s 5A(1)(b)
- 15 State Government Representatives u/s 5A(1)(c)
- 10 Employers Representatives u/s 5A(1)(d)
- 10 Employees Representatives u/s 5A(1)(e)
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Main functions of the Board are
- Administration of the funds created and vested with the Board and performing other works incidental thereto.
- Delegation of Administrative & Financial powers as it may deem necessary for efficient administration of the Schemes.
- Appointment of officers and staff.
- Maintenance of accounts of Income & Expenditure in prescribed form and manner.
- Submission of Audited Accounts (with comments of CAG) and Annual Report on performance of the Organisation to the Government.
2. The Employees’ State Insurance Corporation
Employees’ State Insurance Corporation of India, is a multidimensional social system tailored to provide socio-economic protection to worker population and immediate dependent or family covered under the scheme.
Besides full medical care for self and dependents, that is admissible from day one of insurable employment, the insured persons are also entitled to a variety of cash benefits in times of physical distress due to sickness, temporary or permanent disablement, etc.
3. National and State Social Security Boards
Under Unorganised workers’ social security act 2008, the centre and state Government formulated many schemes for unorganised workers on matters like – Life and disability coverage, Health & Maternity benefits, Old age protection, provident fund, Housing and educational Schemes. To run all these schemes, the government constituted National and state level Social Security Boards.