What is the impact of universal social security on the labour force in India

Discuss the outcome of the Labour 20 meet on the implementation of universal social security and how it will affect the Indian labor force.
Universal social security has the potential to positively impact the labour force in India. With more workers gaining access to social security benefits such as health insurance, pensions, and disability benefits, there will be a reduction in the amount of financial risk and uncertainty that workers face. This in turn can lead to a more productive workforce. At the Labour 20 Meeting, it was recognized that the implementation of universal social security is essential to ensure that workers have access to basic benefits and protections. They highlighted the importance of expanding the coverage of social security systems and ensuring it is accessible to all workers, particularly those in the informal sector. The outcomes of this meeting include the following:
  • Creating a universal social security system that addresses the needs of all workers, including those in the informal sector.
  • Expanding social protection coverage through the extension of existing social security schemes and the creation of new ones.
  • Providing an enabling environment for the organization and representation of workers in the informal sector to enable their participation in social protection schemes.
  • Ensuring adequate and sustainable funding for social security schemes to ensure their coverage and sustainability.
Overall, the implementation of universal social security in India will help to promote inclusive development and improve the social and economic conditions of the labour force.
Answered a year ago
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