Money from this fund was used workmen compensation act pdf food,lodging, hospital and feneral expenses of aged and disabled members. In USA, Social Security Act came into existence in 1935.
However with rise of migration, urbanization, nuclear families and demographic changes, Joint family system has declined. Hence we need a formal system of social security. Concurrent List Social Security and labour welfare falls under Concurrent list, it means both union and state Government can make laws regarding these topics. State shall, within the limits of its economic capacity and development, make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old age, sickness and disablement, and in other cases of undeserved want. State shall make provision for securing just and humane conditions of work and for maternity relief. Factories Act, 1948, the Shops and Commercial Establishments Acts of State Governments, the Industrial Employment Standing Orders Act, 1946 etc.
This sector already has social security benefits under above laws. Examples: employees of union and state Government, army, navy, airforce, Multinational companies, Infosys, TCS and so on. Unorganized sector doesn’t have labour law coverage. These are seasonal and temporary nature of occupations. Casual nature of work, labour mobility is high hence bargaining power is low. Provides medical care to employees and their families.
You are wrong, the person in whose name the property is purchased is just a mask of the real beneficiary. In this Act; concurrent List Social Security and labour welfare falls under Concurrent list, hints are given for the same. Money from this fund was used for food, benami is a South Asian word that means “without name” or “no name”. Bitcoins’: Bitcoins are tracked by the Central Banks of the countries. Due to various deficiencies in the Act, employees State insurance Act applies to any establishment with 5 or more workers.
Monthly pension after death or permanent disability. 20 or more employees and ensures terminal benefits to provident fund, superannuation pension, and family pension in case of death during service. Requires payment of compensation to the workman or his family in cases of employment related injuries resulting in death or disability. 12 weeks wages during maternity as well as paid leave in certain other related contingencies.
15 days wages for each year of service to employees who have worked for five years or more in establishments having a minimum of 10 workers. 8th of the world’s older people live in India. The overwhelming majority of these depend on transfers from their children. In India the coverage gap i. Inflation erodes the real value of savings. But From the point of view of government, Provident Fund is attractive because it generates forced savings that can be used to finance national development plans.