Insurance Current Affairs - 2020
The Monster Salary Index report has highlighted the following findings:
- The gender pay gap is still high in India and women in the country earn 19 per cent less than men.
- Wage inequalities in favour of men are present in all the relevant sectors.
- The current gender pay gap in India stood at 19 per cent where men earned Rs 46.19 more per hour in comparison to women.
- The survey report puts the median gross hourly salary for men in India in 2018 stood at Rs 242.49, while for women it stood at around Rs 196.3.
- Gender pay gap encompasses across key industries, IT/ITES services showed a sharp pay gap of 26 per cent in favour of men, while in the manufacturing sector, men earn 24 per cent more than women.
- Even in sectors like healthcare, caring services, and social work which are notionally identified with women, men earn 21 per cent more than women.
- Only in Financial services, banking and insurance industry men earn just 2 per cent more.
- The report notes that the gender pay gap widens with the years of experience. In the initial years, the gender pay gap is moderate but rises significantly as the tenure increases and for those with over 10 years of experience, the gender pay gap in favour of men reaches the peak, with men earning 15 per cent more than women.
- The survey reports that the gap has narrowed only by one per cent in 2018 from 20 per cent in 2017.
Monster Salary Index Report was prepared by Monster India in collaboration with Paycheck.in (managed by WageIndicator Foundation) with IIM-Ahmedabad as a research partner.
Tags: Banking • caring services • Financial services • Gender pay gap • Healthcare
The Union Cabinet has given its approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017). The scheme will be launched as part of Government’s commitment for financial inclusion and social security.
The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year i.e. FY 2016-17. It will be open for subscription for a period of one year from the date of launch.
Features of Scheme
- The purpose of the scheme is to provide social security during old age and protect elderly persons aged 60 years and above against future fall in their interest income due to uncertain market conditions.
- It will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly, quarterly, half yearly and annual basis.
- The Union Government will bear the differential return i.e., the difference between the return generated by LIC and the assured return of 8% per annum as subsidy on an annual basis.