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 Examrace is number 1 education portal for competitive and scholastic exam like UPSC, NET, SSC, Bank PO, IBPS, NEET, AIIMS, JEE and more. We provide free study material, exam & sample papers, information on deadlines, exam format etc. Our vision is to provide preparation resources to each and every student even in distant corders of the globe. 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 - https://www.examrace.com/About-Examrace/Company-Information/Examrace-Authors.html