Blog

Modi Reveal Plans For Worker-Friendly Insurance Policies

On Tuesday, the Prime Minister Narendra Modi declared that the government is in the process of introducing new legislation to protect the interests of both unorganized and organized workers.

The Employees State Insurance Act and the Employees Provident Fund Organisation Act are aimed at providing a powerful welfare net.

Launching a new Employees State Insurance Corporation (ESIC) Medical College and Hospital in Coimbatore, he said these new laws will offer more choice, improved coverage for workers and employers with better and wider range of services for organized sector workers.

The ESIC scheme allows all government staff to avail free medical service at ESIC-run hospitals. There are 10 of them in TN. “This project worth Rs 580 crores will be a boon to ESIC beneficiaries,” he said.

“We should strive to make this medical college and hospital a model for high-quality medical education and treatment to workers of the State,” he said.

The Centre is committed to the development of a liberal and the complete social safety net for all staff, he said.

Speaking to the media, Modi said,  “The labour ministry is simplifying central labour laws by consolidating 44 laws into four labour codes wages, industrial relations, safety, security and health” he said.

According to the prime minister, they have already created a Shram Suvidha Portal for online services relating to 16 labour laws.

“This includes administering a process of transparent and random inspections of businesses,” he said.

“A Labour Identification Number has been issued to nearly one million employers, enabling them to process single online filings on eight labour laws,” he said.

 

You May LIke

Fertile Ground For Crop Insurance Rating agency CRISIL has stated that the Centre requires to enlarge the irrigation coverage, give a big push to crop insurance and make agriculture remunerative. Ahead of the Union Budget proposals, it has also suggested extending the Direct Benefits Transfer scheme to food and fertilizer subsidies...
Government Consider 49% FDI In Insurance Sector Via Automatic Route Government is mulling a proposal to allow 49% FDI through automatic approval route in the insurance sector with a view to attracting more foreign inflows. At present, FDI up to 26% is allowed through automatic approval route. For FDI up to 49%, the approval of the Foreign Investment Promotion Board...
Companies take terrorism insurance cover A rise in political uncertainty globally has led to Indian companies going for political violence insurance covers. These policies are taken by firms that have investments in foreign markets and exposure to such risks. Ketan Kale, practice leader-credit, political & security risk, JLT Independe...
25% Policy Lapse Annually is Increasing the Asset Under Management (AUM) As per the latest statistics by IRDA, almost 25% of people don't care to renew their policies every year. This is more common with the insurance products that are of a low premium amount. Insurance giant LIC has earned 5,000 crores because of lapse of premium in the fiscal year (FY) of 2016-17. The ...
Corporation Bank Inks Pact For Insurance Cover On Saturday, Corporation Bank entered into a memorandum of understanding with Universal Sompo General Insurance Co for offering  personal accident death coverage to its savings bank account holders under Corp Signature, Corp Super and Corp Saral category. In the presence of bank’s managing director...