Social security schemes News

On the completion of three years of the Jan Dhan Yojana, Prime Minister Narendra Modi on Monday said the government has given "wings to millions of aspirations" through this scheme as also the social security schemes, Mudra yojana and Stand-Up India programme.

A Parliamentary panel has recommended amendments in social security schemes run by retirement fund body EPFO to include unemployment insurance and gratuity benefits.

EPFO is likely to approve a proposal to hike wage ceiling for coverage under its social security schemes to Rs 25,000 per month from the existing Rs 15,000.

Pitching for labour reforms, the survey said formal employment could increase by offering employees choices when they start employment.

Government is considering a proposal to hike wage ceiling for coverage under social security schemes run by the retirement fund body EPFO to Rs 25,000 per month from the existing Rs 15,000, Parliament was informed on Monday.

Prime Minister Narendra Modi launched MUDRA Bank (Micro Units Development Refinance Agency) in April to boost funding of small businesses which are the catalysts of employment in the country.

Government on Friday said Rs 22,000 crore have been deposited in over 17.5 crore bank accounts within a year of the launch of the Pradhan Mantri Jan Dhan Yojana, the largest financial inclusion scheme in the world.

SBI chief Arundhathi Bhattacharya on Friday said the government needs to think about "ways and means" to sustain social security schemes.

To expand social security coverage, government will provide more resources for flagship schemes such as Atal Pension Yojana and also launch their new variants, Finance Minister Arun Jaitley said Monday.

"As far as the two insurance schemes, Sukasha and Jeevan Jyoti, are concerned we have now touched a figure of 10.17 crore. In just one month and three days we have already crossed the 10 crore figure," Finance Minister Arun Jaitley told reporters here.

The top 30 defaulters are sitting on bad loans of Rs 95,122 crore, which is more than one-third of the entire NPAs of public sector banks. It amounts to 36.50 percent.

India needs to have an umbrella for social security schemes to check duplication of benefits for some beneficiaries while a section of people is left out of it, an official in the central labour and employment ministry said.

Finance Minister Arun Jaitley on Friday said 7.5 to 8 crore families, out of the total 25 crore households in the country, have been brought under the Centre's social security schemes launched so far.

Nearly seven crore people have been enrolled as on day under the three social security schemes launched by Prime Minister Narendra Modi.

The Centre has exhorted bankers to work towards surpassing the target of bringing 10 crore people under the ambit of the three social security schemes launched by Prime Minister Narendra Modi on Saturday, before the end of this month.

The schemes -- PM Jeevan Jyoti Bima Yojana, PM Suraksha Bima Yojana and Atal Pension Yojana -- were simultaneously launched at 115 locations throughout the country.

Industry body Federation of Indian Chambers of Commerce and Industry (Ficci) on Saturday welcomed the government`s move to launch three new social security schemes which it said is intended at widening the financial inclusion process.

These schemes are aimed at providing affordable universal access to essential social security protection in a convenient manner.

After Jan Dhan, Prime Minister Narendra Modi will launch three mega social security initiatives -- one pension and two insurance schemes on Saturday.

The Union Cabinet Wednesday gave approval to three mega social security initiatives -- one pension and two insurance schemes -- to be launched by Prime Minister Narendra Modi on May 9.