Price range 2024: Price range 2024: India prone to announce social safety fund for casual staff

The fund, proposed within the Social Safety Code, 2020, could be a step towards common social safety for staff. The code, which isn’t but rolled out as a result of all of the states haven’t framed guidelines, permits partial implementation of sure provisions.

The federal government has already collated knowledge of over 293.3 million unorganised staff via the e-Shram portal, launched in August 2021, which is verified and seeded with Aadhaar.

It will permit the Centre to roll out advantages to those staff shortly.
The broad plan is to subsume the prevailing social safety schemes – previous age, pension, provident fund, well being, housing and schooling – underneath one umbrella and reroute the advantages via the Social Safety Fund, a senior authorities official informed ET.

“It will imply there can be no further fiscal burden on the federal government in the beginning,” the official added. “Nevertheless, all future social welfare schemes can be routed via the fund which can see further allocation by the Centre.” The Social Safety Code offers for establishing and sustaining a separate account for financing advantages via the Social Safety Fund.The brand new schemes may both be totally funded by the Centre, partly funded by the Centre and the states or have contributions from workers in addition to employers or partly funded by the aggregators, within the case of gig and platform staff, because the case could also be.

Financial penalties levied for violations of the code regarding the central authorities, company social accountability (CSR) contributions, and the cess collected underneath current labour legal guidelines would additionally move to the fund, which might reduce the fiscal influence.