Social Security Current Affairs - 2019

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ESIC wins ISSA GOOD Practice Award, Asia and Pacific 2018

Employees’ State Insurance Corporation (ESIC) was awarded ISSA (International Social Security Association) ISSA Good Practice Award for Administrative Solution for Coverage Extension at Regional Social Security Forum for Asia and Pacific held at Kuala Lumpur, capital Malaysia.

The award was given to ESIC in recognition of its measures taken for extension of coverage Scheme for Promoting Registration of Employers and Employees (SPREE), reduced rate of contribution rates for 24 months in newly implemented areas and raising wage limit for coverage under ESI Act, etc.

Key Facts

Regional Social Security Forum for Asia and the Pacific is triennial (held every three year) forum that provides unique opportunities to CEOs and Managers of ISSA Member Institutions to discuss key social security challenges and share their experiences. It is most important social security event in Asia-Pacific region. For this forum, ISSA invites submissions for ISSA Good Practices Award for Asia and Pacific Regions.

International Social Security Association (ISSA)

It is principal international organization for Social Security Organizations, Governments and Departments of Social Security.  It was founded in 1927 under auspices of International Labour Organization (ILO). It has its headquarters in Geneva, Switzerland in ILO. Its mandate is to promotes excellence in social security administration through professional guidelines, expert knowledge, services and support to enable its Members to develop dynamic social security systems. ISSA has more than 330 member organizations in 158 countries.

Employees’ State Insurance Corporation (ESIC)

ESIC is autonomous corporation under Union Ministry of Labour and Employment, which manages employee’s state insurance i.e. self-financing social security and health insurance scheme for Indian workers. It is statutory body established under Employees State Insurance Act, 1948. It is headquartered in New Delhi. ESIC hosts ISSA Liaison Office for South Asia in New Delhi. This liasion office coordinates with member countries and social security institutions in Bhutan, Bangladesh, Sri Lanka, Nepal and Iran on activities of ISSA related to social security.

Atal Pension Yojana’s subscriber base crosses 1 crore mark: PFRDA

According to Pension Fund Regulatory and Development Authority (PFRDA), the subscriber base of Atal Pension Yojana (APY) has crossed 1 crore subscribers mark since its launch in May 2015. Till date, the scheme has collected Rs. 3,950 crore of contribution from subscribers. It has generated around 9.10% compounded annual growth rate (CAGR) since inception till March 2018.

Top ten states in APY mobilisation are: Uttar Pradesh (1,401,631), Bihar (1,061,660), Tamil Nadu (814,917), Maharashtra (758,695), Karnataka (686,504), Andhra Pradesh (686,504), West Bengal (551,471), Madhya Pradesh (498,111), Rajasthan (497,962) and Gujarat (486,465).

Atal Pension Yojana (APY)

APY was launched in June 2015 with aim to provide affordable universal access to essential social security protection to unorganized work force of country, which constitute more than 85 per cent of the workforce. It had replaced earlier government-backed pension Swavalamban scheme targeted at the unorganised sector.

It is available to all citizens of India in age group of 18-40 years (making minimum period of contribution by subscriber is 20 years). Under scheme, subscriber will receive minimum guaranteed pension of Rs. 1000 to Rs. 5000 per month, depending on his contribution, from age of 60 years. There is no exit to scheme before age of 60. In case of death of subscriber, spouse of subscriber is entitled for same amount of pension till his or her death.