Social issues world Habitat Day

Key Highlights

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  It will have universal social security coverage for informal and formal sector workforce.
  
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  Three categories - This broader programme envisages three categories:
  

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  The poorest 20%, who will get a government payout;
  
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  Those who subscribe on their own and
  
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  Formal sector workers who will need to set aside a fixed proportion of income toward the scheme.
  

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  Benefits include monetary allowances for preventive medical care, sickness unemployment, old age, employment injury, maternity.
  
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  The government will identify a threshold income beyond which citizens have to pay for the benefits.
  
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  Two tiers- The scheme will have two tiers. The first of these comprises mandatory pension, insurance (both death and disability) and maternity coverage and the second, optional medical, sickness and unemployment coverage.
  
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  Funds collected under the universal social security scheme will be divided into sub-schemes and be ring-fenced, meaning the benefits and the contribution will be commensurate.