The effectiveness of the fund has also increased after the government recently made it mandatory for workers going for foreign employment to participate in the fund.
What you should know
The government has started a social security fund to bring the common citizen under the ambit of social security, with contributions amounting to nearly one trillion rupees. According to the fund, the total contribution amount so far has reached 95.44 billion 10 million 56 thousand 362.
The number of registered employers in the fund has reached 22,309 so far. Similarly, the number of registered contributors has reached 2,641,189. The fund has so far paid claims worth Rs 17,648,834,684.
According to the fund, the amount of medical treatment, health and maternity claims is Rs 2,512,948,822, Accident and disability claims is Rs 228,653,475. Similarly, the amount of dependent family security claims is Rs 297,721,116 and the amount of retirement claims is Rs 14,617,314,271.
The effectiveness of the fund has also increased after the government recently made it mandatory for workers going for foreign employment to participate in the fund. Self-employed workers, workers and workers working in industrial establishments and various organizations can participate in the fund and become contributors.
Those who contribute regularly to the fund receive benefits under the medical treatment, pension and accident disability security scheme, dependent family security scheme, and old age security scheme. There has also been a call for more creative schemes to make the fund effective. As the amount contributed to the fund increases, the need to explore other sources of investment has increased.
