Key Points
Union Budget 2024: India could announce a social security fund for the labourforce in the unorganised sector as well as gig and platform workers in the interim budget to be presented by finance minister Nirmala Sitharaman on February 1...
The fund, proposed in the Social Security Code, 2020, would be a step toward universal social security for workers..
The code, which is not yet rolled out because all the states have not framed rules, allows partial implementation of certain provisions...
The broad plan is to subsume the existing social security schemes - old age, pension, provident fund, health, housing and education - under one umbrella and reroute the benefits through the Social Security Fund, a senior government official told ET...
Monetary penalties levied for violations of the code relating to the central government, corporate social responsibility (CSR) contributions, and the cess collected under existing labour laws would also flow to the fund, which would lessen the fiscal impact...
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