Social Security Current Affairs

India ranks 43rd in 2017 Global Retirement Index

India was ranked last at 43rd position in 2017 Global Retirement Index (GRI) published by French asset management company Natixis Global.

The index ranks 43 countries on the basis of four factors viz. the material means to live comfortably in retirement (Material Well-being); access to quality health services (Health); access to quality financial services to help preserve savings value and maximize income (Finances) and a clean and safe environment (Quality of Life ).

The 43 countries include members of the Organization for Economic Co-operation and Development (OECD), International Monetary Fund (IMF) advanced economies and the BRIC countries (Brazil, Russia, India and China).

Key Highlights of 2017 GRI

Top three countries in 2017 GRI are Norway, Switzerland and Iceland. India ranks 43rd and has the same score compared to 2016 GRI. India also ranks the lowest among the BRIC economies.

India’s rank in all sub-indices is also in the bottom five. India position in all sub-indices is Material Well-being (41st), Health (43rd), Finances (39th) and Quality of Life (43rd).

India has the lowest income per capita of all countries in the GRI. Additionally, its score for the income equality indicator has declined compared to 2016 GRI. It has the lowest scores for all indicators within the sub-index including in insured health expenditure compared to 2016 GRI.

India ranks first in old-age dependency, second in tax pressure and sixth in interest rates. Interms of governance indicator India ranks as the fifth worst among all countries in the GRI. It also has the tenth-lowest score for the bank non-performing loans indicator. India ranked last in the Quality of Life sub-index.

India’s environmental factors indicator has improved due to progress in CO2 emissions per GDP. But it still ranks in bottom for happiness, water and sanitation, and air quality as well as scores second-worst for biodiversity and habitat among all GRI countries.

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Government releases Draft Labour Code on Social Security & Welfare

The Union Labour Ministry has proposed a labour code which will provide social security cover to the entire workforce in the country, including self-employed and agricultural workers.

In this regard, it has proposed a draft code on Social Security and Welfare with an aim to provide social security cover to the entire workforce in the country of about 45 crore workers. 

Features of Draft code
  • It will cover every working person whether he/she belongs to the organised sector or the unorganised sector in the country under it.
  • Thus, for the first time, agricultural workers along with self-employed people will be covered under the social security cover. Even factories employing single worker will have to contribute towards social security benefits.
  • It will cover any factory, mine, shop, plantation, charitable organisations and all establishments or households employing casual, fixed-term, part-time, informal, apprentice, domestic and home-based workers.
  • If such establishments or factories fail to contribute towards the social security schemes of the workers, they will be liable to pay compensation.
  • It even covers households employing domestic help and they will also have contribute towards schemes, including gratuity for the worker and provident fund.
  • It proposes, National Social Security Council (NSSC), chaired by the Prime Minister to streamline and make policy on social security schemes related to all the Ministries.
  • NSSC’s other members will include Union Finance Minister, Labour Minister, Health and Family Welfare Minister along with employer and employees’ representatives.
  • It will co-ordinate between central and State governments, monitor the implementation of social security schemes, regulate funds collected under various social security schemes, among others.

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