The Code on Social Security, 2019 was introduced in Lok Sabha in December 2019. It strives to amend and consolidate the laws relating to the social security of the employees and the matters connected to social security. The bill is with the standing committee now.
Social security refers to measures to ensure the provision of income security and access to health care to workers.
The recent occurrence of coronavirus pandemic has brought the issue of social security in India at the forefront. Large scale movement of migrant workers from the various cities of India was a great lesson for all the stakeholders. It made people realise the need for social security for all the members in the society and thus, there needs to be a great deal of discussion on this issue at all the levels.
India is currently thriving because of the young population and is moving to become the most populous country in the next 7 years. However, the ageing population is growing faster than previously thought and may have a 20% population of 60 years and above by 2050. Various other studies including Economic Survey 2018-19 points out that India may face an increasingly ageing population just like developed nations like Germany and France. It is the duty of the state to take care of the senior citizens and it is ingrained within the Indian tradition to take care of them. However, with the increasing industrialisation and westernisation, many senior citizens are left vulnerable and India is among the countries that are unfavourable for the old age population. Laws and welfare schemes are helping them to only a certain extent due to implementation limitations. With the growing old age population, the government must take necessary steps so that the senior citizens are respected and can lead a dignified life.
In the last few decades, the insurance industry in India has dynamically expanded. Governments from time to time have shown their commitment to providing insurance facilities to the citizens of India. The insurance market in India holds great potential to act as a booster for the Indian economy. With the rise of population and poverty in the country, there is a looming risk of uncertain financial losses. In such a situation, the insurance sector in India has a major role to play in the coming time.