Centre to come up with Rs 1.2 lakh crore universal social security plan for the poor
The central government has drafted a Rs 1.2 lakh crore plan to provide universal security coverage and improve the lives of the very poor people of India.
In the plan, the first category of people are the poorest 20%, who will get a government payout such as compulsory pension, a death or disability insurance and maternity coverage.
The second are those who register on their own and the formal sector workers who will need to keep aside a fixed amount of what they earn toward the scheme to get optional medical, sickness and unemployment coverage.
The scheme which is being planned by the Ministry of Labour and Employment is expected to start by next year, ahead of the 2019 general election.