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Social Insurance

Social Insurance. Highlights of the Report. Improving coverage, administration and financial sustainability of existing schemes 2/3 of labour force not covered Annuitization of benefits (except for public pension) Non portability EPF and contributory schemes No indexation

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Social Insurance

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  1. Social Insurance

  2. Highlights of the Report • Improving coverage, administration and financial sustainability of existing schemes • 2/3 of labour force not covered • Annuitization of benefits (except for public pension) • Non portability EPF and contributory schemes • No indexation • Pensions account for a substantial amount in the budget but benefits ARE

  3. Highlights of the Report • Establishment of a unitary system • Unemployment Insurance –suggestions • Rationale - other forms of social insurance has to be strengthened to make labour reforms • From job protection to protecting workers • Labour market programmes not adequate

  4. Social Protection Strategy Framework

  5. Priorities of the National Development Plan • Ensure and secure rights of senior citizens to have a decent standard of living • Providing security for vulnerable groups who are outside formal sector (such as unpaid household workers, migrant workers, three wheeler drivers) • Establishing a national pension scheme for self-employed • Facilitating other forms of social security for older people • Elderly homes • CBOs / NGOs • Healthcare services • Private sector in care business

  6. Priorities of the National Development Plan • Privileges for senior citizens • Increasing benefits of existing schemes • Collaborative action of government institutions, civil society and the private sector • Need of strengthening the capacity of the relevant institutions

  7. Issues / Challenges • Contribution in pension– whether it is practical comparing modest salaries + 7% W&OP (survivor benefits) • Increasing retirement age - dependency, unemployment –paradox • Eliminating gender biasness

  8. Issues / Challenges • One of the most welfare oriented state • Over 10 % of total government expenditure is on welfare / Pension budget –Rs.42 bn for 2007 • One of the largest civil service in Asia (this is also linked to wide welfare services) • Medium Term Target – to achieve 8% growth Investment rate 30-35% has to be maintained • Poverty target is halving poverty rates by 2015

  9. Issues / Challenges • Unemployment Insurance schemes • Rates and composition have to be assessed • It is likely that informal sector and low income groups who are the most needy is often overlooked

  10. Thank You!

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