India's Labour Ministry Plans Multi-Manager Model for Gig Workers' Social Security
Gig workers social security scheme may have multiple fund managers
The Economic TimesImage: The Economic Times
India's Labour Ministry is exploring a multi-manager approach for a social security scheme aimed at gig and platform workers. This model may involve the Employees' Provident Fund Organisation managing provident funds while outsourcing pension management to other fund managers, anticipating a significant increase in beneficiaries.
- 01The Labour Ministry is considering a multi-manager model for gig workers' social security.
- 02The Employees' Provident Fund Organisation may manage provident fund contributions.
- 03Life Insurance Corporation of India currently manages a related pension scheme.
- 04A social security fund will be established with contributions from multiple sources.
- 05The number of gig workers in India is projected to reach 23.5 million by 2029-30.
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The Labour Ministry of India is contemplating a multi-manager model for its upcoming social security scheme designed for gig and platform workers. This approach aims to accommodate the expected growth in beneficiaries, which could exceed the capacity of a single fund manager. One potential manager under consideration is the Employees' Provident Fund Organisation (EPFO), which might oversee provident fund contributions and disbursements. Additionally, pension management could be outsourced to other fund managers. Currently, the Life Insurance Corporation of India manages the Pradhan Mantri Shram Yogi Maandhan scheme, which offers a pension to unorganised sector workers. To support the new programme, a social security fund will be established, funded by contributions from the Centre, states, aggregators, gig workers, and corporate social responsibility funds. A report from Niti Aayog predicts that the number of gig and platform workers in India will rise to 23.5 million by 2029-30, up from 7.7 million in 2020-21.
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This initiative could significantly enhance the financial security of gig workers in India, providing them with access to pension and provident fund benefits.
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