It will have universal social security coverage for informal and formal sector workforce.
Three categories - This broader programme envisages three categories:
The poorest 20%, who will get a government payout;
Those who subscribe on their own and
Formal sector workers who will need to set aside a fixed proportion of income toward the scheme.
Benefits include monetary allowances for preventive medical care, sickness unemployment, old age, employment injury, maternity.
The government will identify a threshold income beyond which citizens have to pay for the benefits.
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.
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.
