Social Security: A Call for Comprehensive Change 

By Marco Christiansen | Jun 21, 2021

Did you know that a shocking 53% of India's salaried workforce lacks essential social security benefits?  

According to the Periodic Labour Force Survey Annual Report 2021-22, a significant chunk of employees misses out on crucial provisions like provident funds, pensions, and healthcare.

1The disparity is staggering – merely 1.9% of the poorest 20% of India's workforce enjoys any social security perks.  Even gig workers, comprising around 1.3% of the labor force, are often left in the cold.

 In 2021, India's social security system ranked a dismal 40 out of 43 countries.  This raises an important question – why has social security been overlooked by policymakers?

Despite policy announcements, budget constraints have hindered implementation.  For instance, the National Social Security Fund, launched in FY11, received a mere ₹1,000 crore, far from the required ₹22,841 crore.

So, what's the solution? India needs a multi-pronged approach.

 Expanding contributions under the Employees’ Provident Fund Organization for formal workers is essential.

Informal workers can contribute partially, while informal enterprises must be encouraged to step up.  Looking ahead, universal social protection is the goal.

 The estimated cost of ₹1.37 trillion can provide coverage to the most vulnerable 20% of the workforce. Initiatives like the Code on Social Security (2020) show promise but need strengthening for wider impact.

Share this message, spread awareness, and let's drive the change our workforce deserves.

 In conclusion, India stands at a pivotal moment.